Pacific Century Regional Dev't wins appeal in case brought by jv partner

SINGAPORE (AFX-ASIA) - Pacific Century Regional Development Ltd (PCRD) said it has won an appeal in a case brought by joint venture partner Canadian Imperial Investment Pte Ltd which accused PCRD of breaching certain clauses of their joint venture agreement.	    PCRD and Canadian Imperial Investment signed a joint venture agreement in 1997 to form Quinliven Pte Ltd for the purpose of developing an underground carpark in Shanghai. 	    Canadian Imperial Investment claimed the agreement was breached after PCRD transferred its interest in Quinliven to Pacific Century CyberWorks, then known as Tricom Holdings Ltd, which PCRD bought in 1999.	    In September 2000, the High Court of Singapore found PCRD to have breached the jv agreement. However, the Court of Appeal reversed the high court decision in favour of PCRD in a ruling dated April 6, 2001, PCRD said.	    The Court of Appeal also dismissed a cross-appeal by Canadian Imperial Investment and ordered that security for costs together with accrued interest be refunded to PCRD.	    "PCRD's position has always been that the transfer of Quinliven's shares was part of an internal corporate restructuring exercise and that this transfer of shares to a related corporation did not give rise to an obligation to procure an offer for Canadian Imperial Investment's shares," PCRD said. 

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