WUXI, China, Feb. 10, 2014 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (OTC: STPFQ) (the "Company" or "Suntech") today announced that on 15 January 2014, the Company's immediate subsidiary, Power Solar System Co., Ltd (in Liquidation) ("PSS"), issued a writ of summons in the Republic of Singapore against Suntech Power Investment Pte., Ltd. ("Suntech Singapore") for an outstanding balance of US$263,910,599 due from Suntech Singapore. Suntech Singapore failed to enter an appearance within the time frame required for them to do so. 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.
"We are pleased to have the judgment in our favour 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 Power Japan Corporation ("Suntech Japan") and Suntech Singapore to Wuxi Suntech Power Co., Ltd. ("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 (1165.HK)."
"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.
