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China Sunergy files suit versus Norway's REC
By Hezron Selvi |
September 12, 2009, Saturday
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Print Edition
Print Edition
SOLAR cell products maker China Sunergy Co said it started legal proceedings against Norwegian solar company Renewable Energy Corp in connection with bank guarantees related to a silicon and wafer supply agreement signed last year.
China Sunergy said a court in China has issued a ruling suspending the payment of US$50 million in bank guarantees to REC. A court in Norway has also granted an injunction with respect to the payment of US$50 million in bank guarantees, China Sunergy said.
REC Sitech AS, with which the original agreement was signed, was legally dissolved in January, and the Chinese court ruled that the bank guarantees cannot be transferred to another entity, China Sunergy said.
The Chinese firm noted that, until recently, REC still claimed that REC Wafer Norway was a change of name from its subsidiary REC Sitech AS.
China Sunergy also said REC had not made any wafer shipments under the deal that was signed in June last year, and that REC had unilaterally canceled the agreement.
China Sunergy said a court in China has issued a ruling suspending the payment of US$50 million in bank guarantees to REC. A court in Norway has also granted an injunction with respect to the payment of US$50 million in bank guarantees, China Sunergy said.
REC Sitech AS, with which the original agreement was signed, was legally dissolved in January, and the Chinese court ruled that the bank guarantees cannot be transferred to another entity, China Sunergy said.
The Chinese firm noted that, until recently, REC still claimed that REC Wafer Norway was a change of name from its subsidiary REC Sitech AS.
China Sunergy also said REC had not made any wafer shipments under the deal that was signed in June last year, and that REC had unilaterally canceled the agreement.
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