AMSC Holds First Arbitration Hearing In Sinovel Case

Posted by NAW Staff on February 27, 2012 No Comments
Categories : FYI

AMSC has held its first arbitration hearing with the Beijing Arbitration Commission regarding legal actions filed against Sinovel Wind Group Co. Ltd.

AMSC is seeking $70 million for past product shipments, as well as enforcement of its contracts with Sinovel, which are valued at approximately $700 million, according to AMSC.

In addition to arbitration, AMSC has filed three civil lawsuits with the Chinese courts against Sinovel and companies related to Sinovel. In total, AMSC is seeking to recover more than $1.2 billion for what AMSC says are contracted shipments and damages from Sinovel in these cases, which stem from Sinovel's alleged contractual breaches in March 2011 and AMSC's alleged discovery of intellectual-property theft by Sinovel employees in June 2011.

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