Justice Valerie Thean rules in its favour, awarding damages and fees to the group
VIBRANT Group has won its civil suit against Peng Yuguo, former chief executive officer of Blackgold Australia, and Tong Chi Ho, the former chairman of Blackgold Australia.
The suit arose from irregularities found by a special audit on Chinese coal miner Blackgold International, which was found to have falsified accounts and grossly inflated sales figures since it was acquired by Vibrant Group.
Blackgold International was acquired for A$37.6 million (S$31.8 million) in July 2017.
Justice Valerie Thean ruled in favour of Vibrant Group in a judgment on Monday (Jan 27), awarding damages and fees to the group.
This includes the acquisition price of A$37.6 million with simple interest of 5.33 per cent from Jul 13, 2017, and the cost of the special audit of US$1.1 million with a simple interest of 5.33 per cent from Jan 18, 2019.
Shares of Vibrant Group closed unchanged at S$0.062 on Monday.
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