Mirae Asset Life Wins Lawsuit Against China Anbang Insurance

[Asia Economy Reporter Minwoo Lee] Mirae Asset Life Insurance announced on the 1st that it won a lawsuit for contract performance claims against China's Anbang Insurance. Previously, the seller, China's Anbang Insurance, filed a lawsuit demanding the buyer, Mirae Asset Life Insurance, to fulfill the payment obligation for the amount due according to the 'Equity Commitment Letter' submitted to 'MAPS Hotel & Resorts One LLC.' In response, Mirae Asset Life Insurance filed a counterclaim demanding Anbang Insurance return the contract deposit and pay transaction and litigation costs.

Mirae Asset Life Insurance 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, 501.6 billion KRW, corresponds to 21.47% of its equity capital as the judgment amount.