Medytox Faces 119 Billion KRW Damage Claim from Chinese Business Partner

[Asia Economy Reporter Choi Seoyoon] Medytox announced on the 20th that Gentix Limited, a subsidiary of its Chinese business partner Bluemige Biotechnology, has filed an international arbitration claim against the company at the Singapore International Arbitration Centre.

The claimed amount is approximately 119 billion KRW. Along with the damage claim, Gentix requested confirmation that the contract provisions of the local joint venture 'Medibloom,' established by Medytox and Bluemige, were violated and that Gentix holds the right to terminate the Medibloom contract.

Following the news, Medytox closed at 120,800 KRW on the KOSDAQ market that day, down 5.74% from the previous trading day's closing price.