UniVision share transfer deal heading to court

1st Apr 2016 14:13

(ShareCast News) - UniVision revealed it was embroiled in the beginnings of a legal battle on Friday, after a share transfer deal in Hong Kong turned sour.The AIM-traded company supplies, designs, installs and maintains CCTV and surveillance systems, and sells security-related products.In an update, UniVision said it has become aware that Nan Ning Hai Li Real Estate Development (Hai Li) had initiated legal proceedings against chairman Stephen Koo and UniVision itself.It explained Hi Li submitted a writ of summons at the High Court in Hong Kong, and the court issued a writ of summons on 10 March.UniVision understood the plaintiff was claiming damages over a breach of contract, or a breach of duty in respect of a share transfer agreement entered into by Hai Li and Koo on 14 December last year, as well as a series of of oral agreements between the three parties made before and after the agreement."Mr Koo and UniVision are of the opinion that the claim is highly opportunistic and without merit, and will actively respond to the case and defend their position vigorously," the company's board said in a statement.UniVision confirmed neither its, nor chairman Koo had received any court documents in relation to the proceedings.