Hangzhou Semiconductor Wafer Co., Ltd. (CCMC) has provided an update on the multiple lawsuits it is currently defending.
A member of the Ferrotec Group based in China, CCMC manufactures and sells semiconductor wafers. The two lawsuits are from two China-based construction firms and are about unpaid accrued service fees for the company's manufacturing facilities.
The two firms are L&K Engineering and China Construction First Group Construction & Development Co., Ltd. (China Construction First).
Services provided by these two companies centre around the construction of cleanrooms and engineering works, providing many different services within their contracts.
L&K's original claim is stated to have been for the sum of 5,032 million yuan ($741,000), whilst China Construction First's is for 380 million yuan ($46m).
What has followed has been a back-and-forth story of appeals and counterclaims that has yet to come to a conclusion. The two companies continue to state unpaid services, whilst CCMC countersues stating incomplete and delayed services.
As of 2023...
More than two years later, the cases are still being hotly debated. Though it is looking like the saga might be close to finishing.
Based on the contracts, the court has determined that CCMC owes China Construction First almost $6m for unpaid services and China Construction First owes CCMC $288,000m for delay compensation. Though further appeals are still possible.
A final decision in the L&K case has not been made, with CCMC making its latest appeal in January 2023.
