LDK Solar Co. Ltd. says the Venice Court of Appeal has declared that the international arbitration award made in London by the International Court of Arbitration in the proceedings between LDK Solar and Italy-based Helios Technology SPA is valid, effective and enforceable in Italy.
The Venice Court of Appeal upholds that the ‘take or pay’ clause in the wafer supply contract entered into in October 2008 between LDK Solar and Helios is valid and effective throughout its duration and at terms and conditions related to quantities and prices set forth therein. The arbitration award orders Helios to pay LDK Solar approximately $31 million plus interest, costs for the arbitration proceedings and lawyers' fees.
The Venice Court of Appeal issued the provision after verifying that all the stipulations on the international arbitration are not contrary to Italian legal order and that there are no impediments to the acceptance of the conditions required for the effectiveness of the award itself, according to LDK Solar.
SOURCE: LDK Solar Co. Ltd.