The Business Times and The Edge interviewed ecoWise

Mr Wong Joo Wan, Chairman of the Audit Committee of ecoWise, was interviewed by The Business Times and The Edge on 13 February 2018 about the verdict from the arbitration proceedings initiated by ecoWise’s subsidiary Changyi Enersave Biomass to Energy Co. Ltd. ("CEBEC ") for the “Changyi Enersave Biomass Thermal Power Project Construction” contracted by China Huadian Engineering Co. Ltd. ("Hua Dian"), the series of events that led up to the verdict and the Company’s plans ahead.

Commenting on the recent verdict, Mr. Wong said, “We are heartened by the outcome as this has not been an easy feat and in light of significant economic losses for our Company. We are confident that Hua Dian has the technical capabilities and means to deliver the plant in accordance with the timing stipulated in the verdict. Therefore, our immediate plan is to seek Hua Dian’s cooperation and compliance with the verdict.”

“As a foreign investor in China for more than a decade, we have gained much experience from this incident. Nonetheless, this is a positive verdict and a rare milestone for a foreign company. We will remain committed to continue exploring new opportunities in China. China today is such an economic powerhouse with its strong leadership, it can and will grow in strength. This incident has demonstrated that the laws are fair and should encourage more foreign investments into China as well as participation into its dynamic economy,” Mr. Wong concluded.

Coverage in The Business Times