Sinovel Wind Co logo

601558 - Sinovel Wind Co News Story

n/a 0.0  0.0%

Last Trade -

Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 0

UPDATE 1-China's Sinovel fined in U.S. trade secrets theft case

Fri 6th July, 2018 8:08pm
(Adds further details on sentence, background on case)
    By Nate Raymond
    July 6 (Reuters) - A U.S. judge on Friday ordered Chinese
wind turbine maker Sinovel Wind Group Co Ltd  601558.SS  to pay
a $1.5 million fine after the company was convicted of charges
that it stole trade secrets from Massachusetts-based AMSC
    U.S. District Judge James Peterson in Madison, Wisconsin,
also sentenced Sinovel to one year of probation, during which it
must pay the unpaid balance of a $57.5 million settlement it
struck with AMSC that was disclosed on Tuesday.
    The U.S. Justice Department said Sinovel has already paid
AMSC, formerly known as American Superconductor Inc, $32.5
million and will have to pay $850,000 to additional victims
during the probation period.
    The sentence came after a federal jury in January found
Beijing-based Sinovel guilty on conspiracy, trade-secret theft
and wire fraud charges. A lawyer for Sinovel did not respond to
a request for comment.
    The Justice Department announced charges against Sinovel in
2013 amid heightened concern about Chinese theft of U.S. trade
secrets and a legal battle in the Chinese courts pitting AMSC
against Sinovel, one of the world’s largest turbine makers.
    The case centered on technology that AMSC developed to
regulate the flow of electricity from wind turbines to
electrical grids that Sinovel purchased for its products.
    Prosecutors said that as of March 2011, Sinovel owed AMSC
$100 million for products that had been delivered and had
contracts to buy more than $700 million in future products. 
    According to prosecutors, Sinovel conspired beginning in
2011 to obtain AMSC's copyrighted information and trade secrets
so that it could make wind turbines and retrofit existing ones
in order to avoid having to pay AMSC. 

 (Reporting by Nate Raymond in Boston
Editing by Leslie Adler and Jonathan Oatis)
 (( and Twitter @nateraymond;
617-856-1312; Reuters Messaging:
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.