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Daiichi Sankyo case: Setback for Singh brothers in Singapore court

Daiichi has convinced an Indian court to halt the sale of another firm founded by the Singhs

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Shrinking to Expand: Dumping earlier plans to demerge key verticals and list each, brothers Shivinder Mohan Singh (left) and Malvinder Mohan Singh are now focusing on lending and securities arms

Bloomberg

Last Updated : Dec 21 2018 | 11:58 PM IST

Singapore’s High Court has rejected an appeal from Shivinder and Malvinder Singh and upheld an earlier order that they must pay $526 million to Daiichi Sankyo, according to people familiar with the matter.

The verdict is the latest court victory for the Japanese drugmaker as it seeks to enforce a finding by a Singapore tribunal that the Singhs concealed information during the sale of their Ranbaxy Laboratories a decade ago. Ranbaxy plead guilty to the distribution of adulterated drugs and had to pay the US Department of Justice a $500 million penalty in 2013 after Daiichi bought it from the Singhs.

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A spokesman for the Singh brothers’ main holding company didn’t immediately give a comment on the ruling. While the ruling on the court website has redacted the names, people familiar confirmed it was for the Daiichi-Singh case. The court exempted minors related to the Singh brothers from being included in enforcement of the award, according to the people.

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Last week, Daiichi had convinced an Indian court to halt the sale of another company founded by the Singh brothers, Fortis Healthcare, to Malaysia’s IHH Healthcare, saying the brothers had pledged some of their shares in Fortis despite an order barring them from doing so.