The International Court of Arbitration has ruled that the wafer supply contract between LDK Solar and Helios Technology, signed back in October 2008, is in fact valid and effective throughout its duration and at terms and conditions related to quantities and prices set forth therein.
The Court also stated that by virtue of the arbitration proceedings, Helios shall pay LDK Solar approximately US$31 million. An added 8% interest will also be paid from the date of the award until the effective payment alongside costs for the arbitration proceedings and lawyers' fees.
Chairman and CEO of LDK, Xiaofeng Peng said, “We are pleased with the results of the arbitration proceedings. LDK Solar looks forward to having a final resolution on this matter.”