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Daiichi Arbitration Case Bares Trail Of Deception At Ranbaxy
Incriminating details in an arbitration order against the former Ranbaxy top brass led by the Singh brothers has put the spotlight back on allegations of misrepresentation of critical information concerning the US Department of Justice (DoJ) and FDA investigations against the Indian company at the time of its takeover by Daiichi Sankyo. The Singh brothers, who have challenged the award, though, have cried foul, questioning the timing of the apparent leak of the "confidential" award ahead of a court hearing.
An arbitration court in Singapore earlier this year asked the Singh brothers of Ranbaxy Laboratories Ltd., Malvinder and Shivinder, and certain group firms to cough up damages of around $385m in the case brought by Daiichi Sankyo Co. Ltd., but details in the order point to an embarrassing trail of alleged deception at the Indian firm. (Also see "Golden Week For Daiichi: Damages Due From Ranbaxy Brothers" - Scrip, 9 May, 2016.)
The order, details of which were reported in the local media, suggests that Ranbaxy's top brass may have been well aware of
