Malaysia's IHH Healthcare unit sues Japan's Daiichi Sankyo over Fortis deal

Malaysia's IHH Healthcare unit sues Japan's Daiichi Sankyo over Fortis deal

Photo by Irwan iwe on Unsplash

Malaysia’s IHH Healthcare on Tuesday said its unit filed a claim against Japan’s Daiichi Sankyo in mid-October seeking damages in excess of 20 billion yen ($131.86 million) in relation to its stake buy in India’s Fortis Healthcare.

On Oct, 16, Northern TK Venture filed a claim against the Japanese pharmaceuticals manufacturer stating it caused losses to the company by preventing it from proceeding with open offers to buy a stake in Fortis Healthcare in 2018.

IHH Healthcare in December 2018 halted its open offer to buy an additional 26% stake in Fortis after a court ruling ordered status quo to be maintained after Daiichi filed a contempt plea against Fortis founders, according to media reports.

“The claims filed by NTK against Daiichi Sankyo are tort claims premised on the latter’s unlawful interference with NTK’s trade or business, conspiracy of Daiichi Sankyo and other persons, malicious falsehood and defamation under the applicable substantive laws,” IHH Healthcare said on Tuesday.

A tort claim is a wrong that arises in court citing injury or harm to a party.

NTK is also seeking an injunction to prevent Daiichi Sankyo from defaming NTK in the future, said IHH, Asia’s largest private healthcare group.

Reuters 

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