Mirae Asset Daewoo Wins Hotel Acquisition Lawsuit Against China Anbang Insurance

[Asia Economy Reporter Minwoo Lee] Mirae Asset Daewoo announced on the 1st that it won a lawsuit claiming contract performance against China's Anbang Insurance.

Previously, the seller, China's Anbang Insurance, filed a lawsuit demanding the payment of the amount obligated under the 'Equity Commitment Letter' submitted by the buyer, Mirae Asset Daewoo, and others to 'MAPS Hotel & Resorts One LLC.' In response, Mirae Asset Daewoo and others filed a counterclaim demanding Anbang Insurance return the contract deposit and pay transaction and litigation costs.

Mirae Asset Daewoo stated, "On the 30th of last month (local time), the Delaware Court of Chancery in the United States ruled in the first trial that Anbang Insurance must return the contract deposit to the buyer and pay approximately $3.69 million in transaction and related litigation costs." Of the total transaction amount of $5.8 billion (approximately 7 trillion KRW), the amount Mirae Asset Daewoo was scheduled to raise, 1.8369 trillion KRW, corresponds to the judgment amount, which is about 19.98% of its equity capital.