Wingtech Technology: Arbitration Proceeding Over Indian Business Asset Package Continues
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Author:小编   

Wingtech Technology has publicly disclosed that a dispute has arisen with Luxshare-ICT concerning the execution of the agreement for the Indian business asset package. Consequently, Luxshare-ICT has brought the matter before the Singapore International Arbitration Centre for resolution. In response, Wingtech India has presented its defense and filed a counterclaim. Presently, both parties are engaged in discussions regarding the procedures for forming the arbitration tribunal panel. It's important to note that this arbitration is specifically focused on the Indian business asset package. Meanwhile, Wingtech Technology has commenced legal response procedures. Regarding other underlying assets, the transfer of ownership has been smoothly finalized without any legal disputes. Given the intricate cross-border legal dimensions of this arbitration, both the timeline and the final outcome of the proceedings are uncertain. As a result, it is currently not feasible to accurately assess the specific financial ramifications for the company.