Konka Group A announced that it recently received an award from the Shenzhen Court of International Arbitration, which issued a final ruling in the contract dispute case against Zhu Xinming, Leng Sumin, Gongqingcheng Jinzhuan, and Gongqingcheng Xinrui. The ruling requires Zhu Xinming and Leng Sumin to pay the company performance compensation of 61.2 million yuan, and to pledge all shares of Jiangxi Konka New Material Technology held by Zhu Xinming, Gongqingcheng Jinzhuan, and Gongqingcheng Xinrui to the company. In addition, the respondents must pay legal fees, preservation fees, and preservation guarantee fees totaling 91,671 yuan, while the arbitration fee of 5.5695 million yuan is to be borne 60 percent by the company and 40 percent by the respondents. The subject amount of the case is 939.0441 million yuan. The company stated that subsequent progress is uncertain and the impact on profits remains unclear.
Konka Group Co LtdArbitration ruling orders respondents to pay 61.2 million yuan performance compensation to the company.