Mirae Asset Global Investments won a lawsuit against China's Anbang Insurance on Nov. 30 in connection with a contract to acquire hotels in the U.S., the company said on Dec. 1.
Accordingly, Mirae Asset is expected to receive $580 million in down payment as well as transaction-related expenses.
On the lawsuit between China's Anbang Insurance and Mirae Asset filed in April, the U.S. equity court in Delaware decided that the seller, Anbang Insurance, failed to meet the terms of the contract and failed to secure rights insurance.
The court ruled that the termination of Mirae Asset's contract was appropriate. As a result, Mirae Asset will receive the right to return all of its down payment, including interest, and the transaction-related expenses of $3.685 million. It was also granted the right to receive the costs of the trial, including the cost of lawyers.
In September last year, Mirae Asset signed a $5.8 billion contract to buy 15 hotels located in major U.S. hubs from China's Anbang Insurance. The transaction was scheduled to end on April 17 this year, but Anbang Insurance failed to meet the pre-determined terms of closing the transaction by hiding the ownership dispute.
"We are currently supplying high-quality assets through global asset allocation based on 42 networks in 15 regions. We are also pursuing stable profits by putting risk management first through regular group global strategic meetings," an official of Mirae Asset said,