Varroc Engineering Limited has announced that its wholly owned subsidiary, VarrocCorp Holding B.V. (Netherlands), has received RMB 310.5 million (before withholding tax) following the transfer of its 50% stake in Varroc TYC Corporation, British Virgin Islands, to Beste Motors Co. Ltd.
This update follows a favorable enforcement order from the Eastern Caribbean Supreme Court in the British Virgin Islands, implementing an earlier ICC Singapore arbitration award dated December 11, 2024. The original dispute stemmed from alleged breaches by TYC of the 2013 shareholders’ agreement and JV articles of association concerning two subsidiaries in China: Varroc TYC Auto Lamps Co. Ltd., Changzhou, and Chongqing.
With this enforcement now completed, Varroc no longer retains interest in the JV subsidiaries and has also been awarded reimbursement for the enforcement proceedings’ costs.
The transaction marks a strategic exit for Varroc, closing a long-standing dispute, and helps unlock value from its international holdings without any further claims pending.
