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11/28/2024
YFH announces on behalf of YSK for its receipt of the Supreme Court of Korea's ruling of Anbang's recogn -ition and enforcement application of the arbitral award
     
  1. Parties to the legal matter:
    Applicants: Anbang Group Holdings Co. Ltd. and Anbang Life Insurance Co. Ltd. (currently Dajia Life Insurance Co. Ltd.) (together, ”Anbang”)
    Respondents: Yuanta Securities (Korea) and other 4 selling shareholders of Tong Yang Life Insurance
  2. Name of the court or punishing agency of the legal matter: the Supreme Court of Korea
  3. Reference/Case number of relevant documents of the legal matter: 2023Ma6248
  4. Date of occurrence of the event: 2024/11/28
  5. Details of occurrence (including the matter under dispute): With respect to Anbang's recognition and enforcement application of the arbitral award issued by International Court of Arbitration of International Chamber of Commerce against Yuanta Securities (Korea) and other 4 selling shareholders, Seoul Central District Court previously recognized such arbitral award and Yuanta Securities (Korea) then filed an appeal against such ruling. Yuanta Securities (Korea) received a ruling from Seoul High Court recognizing such arbitral award on 2023/5/26. Pursuant to such ruling, Anbang is entitled to file an enforcement for around KRW 127.4 billion based on its application, arbitration fees for around KRW 22.9 billion and subsequentinterests payable. Yuanta Securities (Korea) filed an re-appeal on the same day, the re-appeal was then reviewed by the Supreme Court of Korea.
  6. Handling procedure: Yuanta Securities (Korea) received the Supreme Court of Korea's ruling today dismissing all the re-appeal.
  7. Impact on the Company’s finance and business and projected amount: Yuanta Securities (Korea) has fully recognized relevant provision liabilities. However, the actual indemnification amount of Yuanta Securities (Korea) will be subject to the amount Anbang applies for enforcement and the progress of subsequent enforcement procedures.
  8. Countermeasures and improvement status: Yuanta Securities (Korea) will discuss countermeasures with attorneys.
  9. Any other matters that need to be specified (the information disclosure   also meets the requirements of Article 7, subparagraph 2 of the Securities   and Exchange Act Enforcement Rules, which brings forth a significant impact   on shareholders rights or the price of the securities on public companies.): N/A