Taipower and singular arbitration judged that the furnace power: no significant impact on this year’s profit and loss
Taipower Company released a major message today (5th), the Taipower Nuclear Four Project and the singular company signed a "nuclear reactor system and subsidiary systems, equipment and services" contract, because the company believes that the company announced the nuclear power in April, 103. After the four plans and seals, the disputes arising from the payment of the contract were stopped, and the strange company called the International Chamber of Commerce (ICC) International Arbitration Court for arbitration according to the contract. The arbitral tribunal was established in January of the same year. After about three years of trial, the law firm representing Taipower received the final judgment of the arbitral tribunal yesterday (4). Taipower Company had to pay approximately US$158 million to the company. The singular company will need to repair the four services and equipment at their own expense within the time limit. Taipower stressed that the arbitration results will not affect the management of nuclear assets, nor will it affect the company's profit and loss this year.
According to Taipower, in April, 103, the nuclear four plans to seal up, and Taipower Company suspended the payment of the contract, and the two parties disputed. Therefore, the strange company proposed arbitration. Taipower stressed that the reason for the suspension of payment is because the singular company's request for proof of payment does not fully comply with the contract, and some of the services and equipment that are supplied according to the contract do not meet the requirements of the standard. After repeated notice from Taipower, the company still does not recognize and promise to repair it. Suspension of payment based on security interest.
Taipower said that in order to safeguard its rights and interests, during the arbitration period, it fully defended the claims of the strange company and made counterclaims, and provided factual basis and reasons. Taipower is quite sorry for the results of the arbitration judgment, and Taipower will discuss the follow-up response. Taipower also stressed that Taipower Company has to pay the amount of money for the company in accordance with the final arbitration. The project funds have been submitted in 103 and 104 years respectively, and the budget for the suspension of work has been included. It has no significant impact on the profit and loss of Taipower this year.
Source: Ministry of Economic Affairs R.O.C
