Mirae Asset wins lawsuit against China's Anbang on busted $5.8 bn hotel deal in US

South Korea’s Mirae Asset Global Investments won a lawsuit against China’s Anbang Insurance Group on its withdrawal from the $5.8 billion deal to buy 15 hotels in the United States.

Delaware Supreme Court upheld the Chancery Court finding that the Chinese company breached fundamental contract covenants in the busted $5.8 billion deal, according to foreign media reports on Thursday.

Anbang Insurance Group was ordered to return $580 million deposit and pay more to cover the legal fees and court costs to Mirae Asset.

Mirae Asset signed a deal to buy 15 Anbang hotels in the U.S. and paid $580 million in its initial deposit to the Chinese company in September 2019. It then decided to cancel the acquisition, saying that the seller did not guarantee its ownership and fulfill its duty in May last year.

Anbang filed a lawsuit against Mirae Asset, claiming that the buyer did not close the deal without the justifiable cause. Mirae Asset also countersued Anbang in Delaware.

The Delaware Chancery Court sided with Mirae Asset in December last year, and Anbang appealed to the higher court.

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