Hong Kong Court Issues Mixed Ruling in Orange Sky's Legal Dispute
The High Court of Hong Kong delivered a final judgment in the long-running legal dispute between Orange Sky Golden Harvest Entertainment (HKG:1132) and True Vision in connection with a 2017 divestment deal, according to a Hong Kong bourse filing Monday.The court awarded Orange Sky subsidiary Giant Harvest $37.4 million plus interest, and also awarded True Vision a counterclaim of 294.5 million yuan.After offsetting the amounts, the court ruled that udgment will be entered in favor of True Vision for the remaining net balance.Orange Sky said it was reviewing the judgment and considering its options, including an appeal.The litigation stems from the alleged nonpayment of $37.4 million by True Vision under a sale and purchase agreement involving City Entertainment Corp.The cinema operator's shares gained nearly 2% in late morning trade Tuesday.
