Asia
Court Orders Roo Hsing to Pay $3.5 Million in Land Purchase Dispute
Taiwan Taipei District Court ordered Roo Hsing (TPE:4414) to pay $3.5 million, plus interest, in a first-instance ruling over a dispute involving the termination of a land purchase agreement with Mekong Resort Development Construction, according to a Monday Taiwan Exchange filing.The garment maker said the plaintiff had sought the return of payments made under the agreement and damages.Roo Hsing said it is consulting legal counsel on its next steps and will act to protect shareholders' interests.The company added it had previously recognized a $1.5 million provision related to the litigation and does not expect the ruling to have any additional material impact.
TPE:4414
