ZKenergy Seeks Product For Payment From Wuxi Suntech
ZKenergy Science & Technology Co., Ltd ("ZKenergy") announced that it has filed a lawsuit against Wuxi Suntech Power ("Wuxi Suntech") in Jiangsu Province Higher People's Court - Case (2014) Sushang First Trial-00022. ZKenergy received notice that the Court has agreed to hear the case onSeptember 3, 2014.
The lawsuit claims that Suntech failed to perform its obligations under the terms of Solar Module Sales Contract (No.C-M-201312127) and the supplementary agreement, which requires Wuxi Suntech to supply the modules after receiving ZKenergy's combined payment totaling206 million yuan. ZKenergy is seeking to have Wuxi Suntech make restitution and be liable for breach of the agreements.
Shunfeng Photovoltaic International (HK01165, "SHUNFENG PV") acquired a controlling stake in Wuxi Suntech from Suntech Power Holdings. SHUNFENG PV, listed in Hong Kong on July 13, 2011, is a manufacturer of solar wafers, cells and modules.