CHINA-US: COMMERCIAL ARBITRATION
On December 22, 2015, Tang Energy Group Ltd, a Dallas-based clean energy company, won a more than $70 million arbitration award for breach of contract against China's biggest state-owned aerospace and defence company, Aviation Industry Corporation of China (AVIC). Tang Energy argued in front of the International Centre for Dispute Resolution in Dallas that AVIC did not fulfill commitments to help fund a West Texas wind farm and develop a global wind energy business as part of a joint venture, Soaring Wind Energy. |