DCC subsidiary has Taiwanese assets attached

Following last month’s successful action in Taiwan against Pihsiang Machinery Manufacturing Company, its chairman and his wife, a separate action in Hsinchu District Court has granted a provisional attachment order to DCC's British-based subsidiary Days Healthcare.

Days will get assets worth the amount due, about €20.6m, some of which were provisionally attached today.

These assets are now frozen and may be released only with the approval of the court.

Pihsiang Machinery Manufacturing Company Limited is a public company listed on the Taiwan Stock Exchange with net assets at its most recent financial reporting date €67.5m.

The case arose because of the breach by the defendants of a long-term product-supply agreement with Days Healthcare.