Quantcast
Latest Stories

Lopezes, partner seek ICC arbitration

By

The Lopez group and Korean solar wafer giant Nexolon Co. Ltd. are at odds over their fledgling local solar water-slicing partnership and have sought international arbitration to probe alleged contract violations.

In a disclosure to the Philippine Stock Exchange on Friday, the Lopezes’ First Philippine Holdings Corp. said First PV Ventures Corp. (First PV) and First Philec Nexolon Corp. (FPNC) had filed a request for arbitration of their dispute with Nexolon with the International Chamber of Commerce.

“Both FPNC and Nexolon are alleging breaches by the other party of their wafer slicing supply and services agreement,” the company said. “First PV is joining the arbitration as a party to protect its rights under the joint venture agreement with Nexolon.”

“FPNC has sought arbitration in order to enforce its rights under the agreement, including the payment of unpaid sums of money by Nexolon, and for such other relief as the arbitration tribunal shall deem appropriate,” the disclosure said.

FPNC is a joint venture established last year by First PV and Nexolon to slice silicon wafers for the Korean firm.

First PV is a wholly-owned subsidiary of First Philippine Electric Corp., which is FPH’s manufacturing subsidiary.  First PV holds a 70-percent stake in the venture while the remaining 30 percent is owned by the Korean partner.

The $100-million joint venture put up an initial 400-megawatt solar wafer-slicing plant in the Philippines.  The newly constructed FPNC plant was inaugurated in December last year in First Philippine Industrial Park in Tanauan, Batangas. The new plant has capability to slice for both the monocrystalline and multicrytalline segment.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , first Philippine holdings corp. , first pv ventures corp. , solar water-slicing partnership



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • 9 confirmed dead after ferry sinks off South Korean coast
  • Aquino to public: Learn to sacrifice
  • 20 killed as Islamic extremists rampage in Nigeria
  • Drug firm Novartis to help Leyte firefighter
  • Fears grow for hundreds missing in South Korea ferry capsize
  • Sports

  • Walker leads Bobcats over Bulls in OT, 91-86
  • Man City slips further out of title contention
  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Business

  • Fired Yahoo exec gets $58M for 15 months of work
  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Technology

  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Marketplace