GKE Corporation files SIAC arbitration seeking relief against Waigaoqiao

Scuffle raised to the tribunal.

The Board of Directors of GKE Corporation Limited announced that GKE China has filed a notice of arbitration with the Singapore International Arbitration Centre (SIAC), naming the Waigaoqiao Vendors as the respondents, and seeking, among others, a number of reliefs against the Waigaoqiao Vendors.

First is a declaration that clause 11.4 of the Waigaoqiao SPA does not entitle the Waigaoqiao Vendors to refuse to perform the Waigaoqiao SPA in the manner that has been suggested by the Waigaoqiao Vendors. Second, an order that the Waigaoqiao Vendors perform and comply with all of their obligations under the Waigaoqiao SPA and complete the Transaction under the Waigaoqiao SPA. Third and last are damages in addition to specific performance.

Additionally, GKE China has also filed an application for emergency relief with the SIAC for, among other things, an order that the Waigaoqiao Vendors be restrained from taking any step to sell, transfer, assign, dispose of, encumber, create any interest over or otherwise deal with their shares in Uniplas, the Warehouse, and the land use right in respect of the Land, and from agreeing to do any of the aforesaid matters, until such time as the Tribunal that is to be constituted in the arbitration issues its final award.