ICC Singapore had passed an award dated under arbitration initiated by Varroc due to disputes with TYC arising out of TYC’s breaches of the shareholders’ agreement and the articles of association of their joint venture companies i.e., Varroc TYC Auto Lamps Co. Ltd., Changzhou, China, and Varroc TYC Auto Lamps Co. Ltd., Chongqing, China.
The BVI Award states that VarrocCorp Holding B.V., Netherlands shall transfer its 50% shareholding in Varroc TYC Corporation, British Virgin Islands to Beste Motors Co. Ltd., British Virgin Islands, for a consideration of RMB 310.5 million less applicable withholding tax, within 28 days of the date of Enforcement Award. Additionally, the Enforcement Award has directed that Varroc be reimbursed for the costs of the enforcement proceedings.
Varroc had initiated enforcement proceedings in the Eastern Caribbean Supreme Court, British Virgin Islands (BVI Court) for the enforcement of the ICC Award, and the BVI Court has passed the present order enforcing the same.
The final copy of the Award was received on April 16, 2025.
