The Arbitration Proceedings with Hua Dian Concluded
ecoWise wishes to announce that the arbitration proceedings initiated by its subsidiary Changyi Enersave Biomass to Energy Co. Ltd. (hereinafter referred to as "CEBEC ") for the “Changyi Enersave Biomass Thermal Power Project Construction” contracted by China Huadian Engineering Co. Ltd. (hereinafter referred to as "Hua Dian") has been concluded.
The decision of the arbitral tribunal as follows:
- Hua Dian is to abide by clause 6.1 of the EPC Contract and deliver to CEBEC a CEBEC Plant in accordance with the technical specifications set out thereunder, within 6 months from 23 December 2017;
- Hua Dian’s counter-claim in the amount of RMB31,657,659.49 (SG$6,593,676) (the “Remainder Amount”), representing the unpaid amounts under the fixed price Engineering, Procurement and Construction Contract (the “EPC Contract”), is in abeyance until delivery of a CEBEC Plant compliant with the technical specifications as laid out in clause 6.1 of the EPC Contract; and
- An interim award of RMB18,800,000 (SG$ $3,915,675) is awarded to CEBEC, which shall be set-off against the Remainder Amount.
The Company and CEBEC will forthwith follow up with Hua Dian on its obligations. Meanwhile, CEBEC’s contractual rights pursuant to the EPC Contract continue to be reserved.
The company's announcement on SGX.
The Arbitration Proceedings with Hua Dian Concluded