CSSC Chengxi sues windpower company

Shanghai: China State Shipbuilding Corporation (CSSC) has announced that its affiliated shipyard CSSC Chengxi Shipyard has filed a lawsuit against Sinovel, a leading wind power company in China, due to a payment dispute.

CSSC Chengxi has built 30 sets of windpower components for Sinovel and delivered 21, however Sinovel has been refusing to take delivery of the remaining 9 and are unable to make payment.

CSSC Chengxi has asked Sinovel to pay RMB152m in total including compensation and interest.

Sinovel is currently in the middle of a financial crisis. The company is likely to be delisted from the stock exchange next year as it expected to suffer losses for three consecutive years. [30/12/14]

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