Daqo New Energy's Subsidiary Xinjiang Daqo Provides Latest Update On Its Litigation Event; The Court Affirmed Termination Of The Business Cooperation Agreement On December 31, 2023, And Ordered Xinjiang Daqo To Compensate The Plaintiffs For Their Losses Arising From Rents And Employee Salaries In The Amount Of RMB3.06 Million, Plus Attorney Fees Of RMB100,000
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Daqo New Energy's subsidiary, Xinjiang Daqo, has been ordered by the court to terminate a business cooperation agreement by December 31, 2023, and compensate the plaintiffs for losses and attorney fees totaling RMB3.16 million. The court rejected claims for consequential losses, and the final impact will depend on the appeal outcome.
July 17, 2024 | 1:30 pm
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Daqo New Energy's subsidiary, Xinjiang Daqo, has been ordered to terminate a business cooperation agreement and pay RMB3.16 million in compensation and attorney fees. The court rejected claims for consequential losses, and the final impact will depend on the appeal outcome.
The court's decision to terminate the business cooperation agreement and order compensation could negatively impact Daqo New Energy's financials in the short term. However, the rejection of claims for consequential losses mitigates some of the potential damage. The final impact will depend on the outcome of the appeal.
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