The 'Management Certification' disclosure lists BIEL's attorney for their Mundipharma legal action
Beatice Wee, Partner- ATTORNEY FOR ARBITRATION PROCEEDINGS
Oon & Bazul
36 Robinson Road, #08-01/06
City House, Singapore 068877
"Founded in 2002, Oon & Bazul is a leading litigation law firm based in Singapore, recognised by Asian Legal Business as one of the fastest-growing firms in the country. We are a distinguished commercial law practice known for delivering high-impact results. As a conflict-free firm, we are uniquely positioned to act for a wide range of clients without institutional limitations. Our clients count on us not only for legal excellence — but for a proven track record of winning."
"We act as strategic legal advisors and courtroom advocates for sovereign states, Fortune Global 500 corporations, financial institutions, and high-net-worth individuals. Whether in arbitration or litigation, our lawyers are consistently engaged to resolve complex, multi-jurisdictional disputes where outcomes matter most."
BIEL's October 2024 Mundipharma statement,
"In September of 2023 the Company terminated a contract with Mundipharma Southeast Asia. In that contract, Mundipharma guaranteed to purchase a volume of product costing about $14 million over the 5-year period starting in late 2018. In return, we agreed to grant them exclusive distributorship in five SEA countries. However, these purchases never approached this required amount, nor did Mundipharma meet their obligation to register the product in four of the five territories. Consequently, at the end of the contract the Company began negotiations with Mundipharma to reach an equitable solution concerning its obligations to purchase and register our products. However, even after correspondence with Mundipharma’s C-suite executives, no such agreement was reached, leaving us with the next (very expensive) option which is to enter into binding arbitration to settle this dispute. Consequently, we sought outside support to move to this next level. The Company is now in the final stages of obtaining the necessary litigation financing with a firm that has already independently evaluated our case against Mundipharma for their breach of contract. Although no final decision has been reached, their expert legal advisor has indicated that we have a strong case. Assuming we secure the litigation financing, we intend to pursue our action against Mundipharma."
Looking at BIEL's total revenue in 2018 & 2019 ($2 million), the time frame before the Purdue BK when MundiPharma was actively promoting ActiPatch, it is doubtful that Mundi purchased more than $1 million in devices from BIEL. This could indicate a liability of $13 million. BIEL would probably have a 50/50 split with the law firm or an entity that is financing the arbitration costs.
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