|
 IHH said in a stock exchange filing that U.S. fund Emqore's claim -
in an amendment to the lawsuit filed in 2020- was in relation to the
issuance of shares of Fortis Healthcare Ltd to IHH's subsidiary in
2018.
IHH, the largest private healthcare group in Asia, took control of
India's Fortis Healthcare that year after a months-long bidding
process competing with domestic and international firms.
Emqore is seeking "damages in excess of $6.5 billion comprising
compensatory damages plus treble damages and attorneys' fees
pursuant to the U.S. Racketeer, Influenced and Corrupt Organizations
Act".
"Emqore broadly alleges that it has purportedly suffered losses as
the defendants had allegedly conspired to frustrate a proposed share
acquisition transaction between Fortis and Emqore's supposed
predecessors," IHH said.
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The group said it was not possible to determine the estimated
potential liability to IHH arising from the suit, as it involved 28
named defendants and 20 non-party defendants.
"However ... the suit is not expected to have any business,
operational or financial impact on IHH, as IHH believes that it has
strong grounds for dismissal of the suit," it said.
IHH said it intends to file a motion to dismiss Emqore's amended
complaint and defend vigorously against the claims.
(Reporting by Liz Lee; Editing by Emelia Sithole-Matarise)
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