A Venice appeals court has upheld the international arbitration award made in connection with the ongoing dispute between Helios Technology and LDK Solar. The Venice court agreed that the “take or pay” clause outlined in the solar wafer supply contract LDK had with Helios was valid and at the terms and conditions specified in the contract. Helios must therefore pay LDK approximately US$31 million plus interest, costs and lawyers fees.
The contact, which was originally signed back in October 2008, was ruled valid and effective throughout its duration and at terms and conditions related to quantities and prices set forth therein by the international court of arbitration in October this year.
The Court also stated 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.”