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.
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