Tuesday, May 21, 2013

Canadian Solar wins court case in relation to contract dispute with LDK

CANADA: Canadian Solar Inc. announced that the Jiangsu Suzhou Intermediate Court has dismissed the request by LDK Solar Co. Ltd to enforce the arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission in the amount of RMB 248.9 million (approximately $40.1 million).

This arbitration award relates to wafer supply contracts entered into between Canadian Solarand LDK in October of 2007 and June of 2008, and subsequently terminated. The total amount of the award includes the initial deposit ofRMB 60 million (Approximately $9.7 million), But excludes Approximately RMB 2 million to cover arbitration expenses.

Dr. Shawn Qu, chairman and CEO, commented: "We are delighted with the Jiangsu Suzhou Intermediate Court's decision in our favor. We believe we have Conducted our business Properly at all times and we will continue to advocate co-operation, rather than confrontation within the solar industry. "

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