SINCEREWATCH HK: The arbitration ruling results are basically in line with the group's original expectations
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SINCEREWATCH HK announced that the arbitration results of its subsidiary SBML with Multicontinental and GFM were largely as expected. The arbitration ruling stated that the exclusive distribution agreement was wrongfully terminated, and SBML is entitled to damages, but the agreement is deemed terminated as of October 3, 2022. SBML's customer indemnity claims and Multicontinental's minimum purchase claims were both dismissed. Multicontinental must return the withheld watches within 60 days, and SBML must return the consignment products and pay the related amounts
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