LDK Solar announces arbitration ruling27. December 2012 | Markets & Trends, Industry & Suppliers | By: Shamsiah Ali-Oettinger
LDK Solar has to pay JYT Corporation of Beijing (JYT) RMB294 million (approx. US$47 million) plus additional RMB3.4 million (approx. US$550,000) to cover arbitral fees.
LDK Solar had entered into a wafer equipment supply contract with JYT in July 2008. LDK has agreed to purchase furnaces from JYT for the use of multi- and mono-crystalline ingot manufacturing to be installed in its facilities in Xinyu City, China.
LDK Solar announced today that the China International Economic and Trade Arbitration Commission (CIETAC) has stated that the wafer equipment supply contract between LDK Solar and JYT is valid and effective through the duration and at terms and conditions related to quantities and prices set forth therein. Hereby, the CIETAC stated that by virtue of the arbitration proceedings LDK shall pay to JYT an amount of approximately RMB 294 million as well as approximately an additional amount of RMB 3.4 million to cover arbitral fees accrued as a result of this proceeding.
"With regret, we were unable to take delivery of the ordered furnaces as scheduled from JYT primarily due to slower than expected industry growth and the widely available capacity of other peers," stated Xingxue Tong, President and CEO of LDK Solar. "LDK Solar is committed to innovation, quality and customer service. We have sufficient manufacturing capacity to support our valued customers and we will continue working with our vendors and customers, so that together we can overcome the challenges facing our industry," concluded Tong.
Choose between a digital and print subscription from pv magazine publisher Solarpraxis AG’s online shop!
- 4000 views
- 3741 views
- 3357 views
- 3283 views
- 2645 views
Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!