The dispute between China Sunergy and REC Wafer Norway continues as China Sunergy released an update on the court proceedings. On November 5, 2010, the Supreme Court of the People’s Republic of China made a final binding decision that the Jiangsu Higher Court will have jurisdiction over the case.
Additionally, the Court of Appeal in Norway has permitted the injunction China Sunergy requested and has forbid Nordea Bank Norge to make payment, or for REC Wafer to receive payment, in regards to the US$50 million bank guarantee that Nordea Bank Norge issued to REC Sitech. The injunction will stand until the Court of Appeal makes a final decision for the overall disagreement between China Sunergy and REC Wafer.
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Further, under a demand from the court in Norway, REC Wafer will pay China Sunergy around US$81,427 (NOK501, 761) as compensation for the costs it has incurred for the Court of Appeal and the District Court.
The Court of Appeal is scheduled to hold a hearing in March 2011 in regards to the original dispute between the two companies.
