Power Solar System Co., Ltd (PSS), an immediate subsidiary of Suntech Power Holdings Co., Ltd., issued a writ of summons in Singapore against Suntech Singapore for an outstanding balance of US$263,910,599 due from Suntech Singapore.
As Suntech Singapore failed to enter an appearance within the time frame required for them, the High Court of the Republic of Singapore has granted, on 27 January 2014, Judgment in Default of Appearance against Suntech Singapore to pay to PSS US$263,910,599, interest at 5.33% and costs, under Order 13 of the Rules of Court in Singapore. This is a part of Wuxi Suntech’s bankruptcy debt redemption process.
"We are pleased to have the judgment in our favor and will take further steps to enforce our rights against Suntech Singapore. It is the first of many steps being taken by the Liquidator to maximize the recovery for the creditors," said Mr John Ayres, the Liquidator of PSS. "The recovery actions will continue with focus on an investigation of the purported transfer of equity interest of Suntech Japan and Suntech Singapore to Wuxi Suntech and the purchase of PSS's equity interest in Wuxi Suntech by Jiangsu Shunfeng Photovoltaic Technology Co., Ltd, a subsidiary of a Hong Kong listed company Shunfeng Photovoltaic International Ltd."
"We will take all steps as necessary to remedy improper actions which have caused loss to Suntech, PSS and their creditors," Mr David Walker, the Joint Provisional Liquidator of the Company, added.
