Provided by: THE SHANGHAI COMMERCIAL & SAVINGS BANK, LTD.
SEQ_NO
2
Date of announcement
2022/04/25
Time of announcement
17:52:56
Subject
The Claim Value of the Civil Lawsuit
Between SCSB and Vegesentials Limited
Date of events
2022/04/25
To which item it meets
paragraph 2
Statement
1.Parties to the legal matter:
(1)Claimant: Vegesentials Limited ("Vegesentials")
(2)Defendant: The Shanghai Commercial & Savings Bank, Ltd. ("SCSB")
2.Name of the court or punishing agency of the legal matter:
The Business and Property Courts of the High Court of
Justice of England and Wales (the "English High Court")
3.Reference/Case number of relevant documents of the legal matter:
Case number BL-2020-001404
4.Date of occurrence of the event:2022/04/25
5.Details of occurrence (including the matter under dispute):
Vegesentials commenced civil proceedings before the English High Court
against SCSB on August 28, 2020. Vegesentials claimed that it relied
upon a fraudulent document issued by a former SCSB employee to enter
into a transaction which stated (inter alia) that the counterparty had
the funds to purchase some of its shares. Vegesentials alleges that it
has suffered loss and damage as a result of its reliance on the document
in circumstances where the counterparty failed to perform. In particular
but without limitation, Vegesentials alleges that it lost the opportunity
to pursue other arrangements that would have been profitable. Vegesentials
therefore asked SCSB to compensate it for its loss on the basis of vicarious
liability. After receiving Vegesentials' claim on September 18, 2020, SCSB
instructed English legal counsel to defend the proceedings.
Vegesentials did not specify its claim value in its claim form.
On 2022/04/25, SCSB was notified by English legal counsel that Vegesentials'
claim value was over GBP 10 million. However Vegesentials has provided
little in the way of documentation or detail to support its claim,
particularly in relation to its allegations of causation and loss.
For this reason, SCSB does not consider that the proceedings should have a
major impact on its finances or business.
6.Handling procedure:
SCSB has appointed English legal counsel to handle these proceedings
before the English High Court.
7.Impact on the Company's finance and business and projected amount:
As above, SCSB does not consider that the proceedings should have a major
impact on its finances or business. The proceedings before the English High
Court are ongoing. Whether SCSB is liable and the sum of any such liability
will only be determined by the English High Court following a full trial of
the proceedings.
8.Countermeasures and improvement status:
SCSB has appointed English legal counsel to handle the matter.
9.Any other matters that need to be specified:None.
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Disclaimer
Shanghai Commercial & Savings Bank Ltd. published this content on 25 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 09:58:02 UTC.
The Shanghai Commercial & Savings Bank, Ltd. is a Taiwan-based private bank. The Bank's businesses are involved in deposit business which handles personal and corporate deposit business; wealth management business which provides wealth management products and consulting services for high-value customers; corporate financial business which handles corporate credit, foreign exchange and international financial business; personal financial business which handles consumer loan and credit card business such as personal housing loan and micro-credit loan; trust business which handles trust business and subsidiary businesses; investment business which handles financial asset investment and equity investment business; digital financial services which provides 24-hour ATM, online banking, mobile banking and telephone customer services. The Bank operates branches in the domestic market, Hong Kong and overseas markets such as Vietnam and Singapore.
THE SHANGHAI COMMERCIAL & SAVINGS BANK, LTD. 
