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December 27, 2012
05:07 EDTLDKLDK Solar ordered to pay RMB294M in damages, RMB3.4M in court fees to JYT
LDK Solar announced that the China International Economic and Trade Arbitration Commission, or CIETAC, stated that the wafer equipment supply contract entered into in July 2008 between LDK Solar and JYT Corporation of Beijing is valid and effective through the duration and at terms and conditions related to quantities and prices set forth therein. Under this contract, LDK Solar agreed to purchase furnaces used in the manufacturing of multicrystalline and monocrystalline ingots for installation in its manufacturing facilities in Xinyu City, China. On December 25, 2012 CIETAC stated that by virtue of the arbitration proceedings LDK shall pay to JYT an amount of approximately RMB 294M as well as approximately an additional amount of RMB 3.4M to cover arbitral fees accrued as a result of this proceeding.
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