US court fines Sinovel $1.5m
Conviction imposed for conspiracy to commit trade theft from AMSC
A US court has fined Chinese turbine manufacturer Sinovel $1.5m following the latter's conviction for conspiracy to commit trade theft from energy solutions provider AMSC.
Judge James Peterson of the US District Court for the Western District of Wisconsin found that AMSC’s losses from the theft exceeded $550m and so imposed the maximum possible statutory fine, AMSC said.
Last week, Sinovel agreed to pay AMSC an amount in Chinese currency renminbi equivalent to $57.5m, as part of a settlement agreement.
The first $32.5m was paid on 4 July, with the remaining $25m to paid within 10 months of the court's sentence.
The Judge also put Sinovel on one year of probation until the $25m is paid.
Sinovel will also pay $850,000 to “additional victims” within its year of probation, said AMSC.