Varroc Engineering Wins Arbitration Case, Secures RMB 310.5 Million

Image Source : Economic Times Legal

Varroc Engineering Ltd has successfully enforced an arbitration award in its favor, securing RMB 310.5 million following a legal dispute with TYC over joint venture agreements in China. The ruling, issued by the Eastern Caribbean Supreme Court in the British Virgin Islands, marks the resolution of a long-standing conflict that had impacted Varroc’s international operations.

Legal and Financial Overview
- The arbitration award stems from breaches of shareholder agreements and articles of association related to Varroc’s joint ventures in China.
- The ruling mandates VarrocCorp Holding B.V. to transfer its 50 percent shareholding in Varroc TYC Corporation to Beste Motors in exchange for RMB 310.5 million.
- The enforcement order also directs reimbursement of legal costs incurred by Varroc during the proceedings.
- The decision reinforces Varroc’s position in the global automotive lighting sector, ensuring stability in its international partnerships.

Sources: Economic Times, Autocar Professional, Juris Review, Reuters