CHANGSHA, China, July 31, 2015 /PRNewswire/ -- ZKenergy Science
& Technology Co., Ltd. ("ZKenergy") announced today that the
company has won the lawsuit against Wuxi Suntech Power Co., Ltd.
("Wuxi Suntech") over contract disputes and received the Notice of
Judgment on July 23, 2015, in
reference to Case (2014) Sushang First Trial-00022.
ZKenergy filed a lawsuit against Wuxi Suntech on September 1, 2014, alleging that the latter
failed to perform its obligations under the terms of Solar Module
Sales Contract (No.C-M-201312127) and the supplementary agreement,
and requiring Wuxi Suntech to restitute the payment totaling
206 million RMB and to be liable for
breach of the agreements. ZKenergy received the notice that the
court had agreed to hear the case on September 3, 2014. Wuxi Suntech filed a
counterclaim to ZKenergy's claim on December
25, 2014, requiring ZKenergy to pay its loss of 246.6 million RMB.
The Jiangsu Province Higher People's Court entered the
first-trial judgment as follows: "1. Wuxi Suntech is to restitute
the payment totaling 206 million RMB
within 10 days of the judgment going into effect, as well as pay
interest and penalties due to the breach of the agreement (from
March 31, 2014 to December 31, 2014, with the interest calculated
on the basis of the benchmark lending rate set by The People's Bank
of China for the same period and
the principal of 206 million RMB;
from January 1, 2015 to the actual
date of payment, with interest and penalties calculated on the
basis of four times the benchmark lending rate set by The People's
Bank of China for the same period
and the principal of 206 million RMB.
However, interest and penalties calculated based on this criterion
shall not exceed 30.9 million RMB;
and, in the event interest and penalties exceed 30.9 million RMB, from the date when they start
to exceed this amount to the actual date of payment, interest and
penalties are to be calculated based on the benchmark lending rate
set by The People's Bank of China
for the same period and the principal of 206
million RMB. 2. Reject ZKenergy's other claims. 3. Reject
Wuxi Suntech's counterclaims."
Shunfeng International Clean Energy Limited (HK01165, formerly
and until November 2014 "Shunfeng
Photovoltaic International") acquired a controlling stake in Wuxi
Suntech in 2014 from Suntech Power Holdings (NYSE: STP, "Suntech
Power"). Shunfeng International Clean Energy, listed in
Hong Kong on July 13, 2011, is a manufacturer of solar wafers,
cells and modules.
Link to the case judgment:
http://www.zkenergy.com/news/zknews/653.html
About ZKenergy
ZKenergy Science & Technology Co., Ltd is a high-tech
company that specializes in the development, manufacturing and
application of products in the clean energy field and supplies
turnkey solutions and core parts for small-and medium-sized wind
and solar integrated application systems.
For more information, please visit: www.zkenergy.com.