DCC PLC
29 November 2005
DCC wins against Pihsiang in Taiwan District Court
DCC is pleased to announce that it has been successful in the Hsinchu District
Court in Taiwan in its enforcement proceedings against Pihsiang Machinery
Manufacturing Company Limited, Donald Wu, its Chairman and major shareholder,
and Jenny Wu, his wife who is a Director (the 'Defendants'), arising out of the
London High Court judgment of 29 January 2004. In that judgment, the Defendants
were ordered to pay Days Medical Aids Limited, now named 'Days Healthcare',
DCC's British based subsidiary, damages of Stg£10.2 million and interim costs of
Stg£2.0 million together with interest to accrue at 8% per annum.
In its judgment, the Hsinchu District Court ordered that the above London High
Court judgment be enforced in Taiwan. Accordingly, Pihsiang Machinery
Manufacturing Company Limited, Donald Wu, its Chairman and major shareholder,
and Jenny Wu, his wife who is a Director, are jointly and severally liable to
pay the DCC Group Stg£14.0 million (€20.5 million) being the damages and interim
costs awarded by the London High Court together with interest accrued to date
of Stg£1.8 million. The Defendants are entitled to lodge an appeal against this
judgment to the Taiwan High Court.
Pihsiang Machinery Manufacturing Company Limited is a public company listed on
the Taiwan Stock Exchange with net assets at its most recent financial reporting
date of New Taiwan Dollar ('NTD') 2.69 billion (€68.5 million) and has a market
capitalisation of approximately NTD8.4 billion (€214.0 million).
The case arose as a consequence of the breach by the Defendants of a long-term
product supply agreement with Days Healthcare. Full details of the successful
claim by Days Healthcare were set out in DCC's Stock Exchange Announcements on
29 January 2004 and 12 October 2004.
For reference, please contact:
Jim Flavin, Chief Executive/Deputy Chairman
Fergal O'Dwyer, Chief Financial Officer
Conor Murphy, Investor Relations Manager
Tel: +353 1 2799 400
Email: investorrelations@dcc.ie
Web: www.dcc.ie
This information is provided by RNS
The company news service from the London Stock Exchange
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