China

China

Sinovel seeks $66 million from Longyuan

CHINA: Sinovel has disclosed that it is engaged in a number of arbitration cases involving projects developed by subsidiaries of Longyuan Power Group.

As an arbitration applicant, Sinovel has demanded around CNY 415 million ($66 million) in total from seven Longyuan project operators.

It is unclear why Longyuan still owes the money. 

The cases have been accepted by the China International Economic and Trade Arbitration Commission and proceedings will go ahead in the future.

The Sinovel report said it was not clear at this stage what impact this might have on its future revenue.

Sinovel reported net losses for 2012 and 2013 and it is likely to be delisted by the Shanghai Stock Exchange if this is repeated for 2014.

Earlier this month, Sinovel announced preliminary assessment of making a profit of CNY 19 million in 2014. However, this is yet to be confirmed by independent auditors.

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