Litigation Going On between Mirae Asset and Anbang Insurance

Mirae Asset Global Investments decided to cancel its contract for purchasing 15 hotels in the United States and Anbang Insurance, the owner of the hotels, filed a suit with the Delaware Court of Chancery on May 6, claiming that Mirae must fulfill the contract by carrying out its promised investment of US$2.2 billion.

Mirae and Anbang signed the US$5.8 billion contract in September last year. According to the contract, Mirae Asset Financial Group must pay US$2.2 billion in the form of investment at the end of the deal and the group is scheduled to prepare the rest by external financing.

Mirae made a contract cancellation notice on May 3, claiming that Anbang violated the contract by providing no notice in relation to its hotel ownership litigation in the United States, and requested the escrow agent of the contract to return its down payment.

On April 17, the scheduled end date of the contract, Anbang sued the company in the United States, claiming that Mirae did not fulfill the contract without just cause. “There is no problem at all with regard to the hotel ownership and we informed Mirae of every detail related to the ownership,” Anbang said in its written complaint.