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

Author: Benzinga Newsdesk | July 17, 2024 09:30am

We have recently received the first instance court's verdict. 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. On the other hand, the court rejected the plaintiffs' claims for compensation of their consequential losses. As we are still within the appeal period, the litigation's impact on Xinjiang Daqo will be contingent upon the final verdict.

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