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Singh Brothers Asked To Pay Up $550m Arbitral Award To Daiichi

 
• By Penelope MacRae

An Indian court has ruled that tycoons Malvinder and Shivinder Singh must pay Daiichi Sankyo $550m in damages originally awarded by a Singapore arbitration panel over the Japanese drugmaker’s ill-fated purchase of generic giant Ranbaxy.

Symbol of law and justice
COURT HAS UPHELD AN ARBITRATION AWARD AGAINST THE SINGH BROTHERS

The Delhi High Court judge’s decision requiring the Singh brothers to pay $550m in damages to Japanese drugmaker Daiichi Sankyo Co. Ltd. marks a big legal setback for the siblings who are already reeling under financial strain. The Singhs, known for their natty dress style and matching turbans, have been waging an eight-month court battle against Daiichi’s bid to enforce payment in India of the arbitration award made by a Singapore tribunal two years ago. (Also see "Golden Week For Daiichi: Damages Due From Ranbaxy Brothers" - Scrip, 9 May, 2016.)

The Singapore panel awarded the payout to Daiichi over the Japanese company’s disastrous $4.6bn purchase of Ranbaxy Laboratories Ltd. , then India’s largest generic drug company, in 2008. Daiichi had contended the brothers hid “critical” information about US investigations into faked test results at Ranbaxy when they sold the company

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