YEST wins compensation from KDX in China

YEST said Tuesday that it has won a ruling in China against KDX.

The Korean display and chip equipment maker will receive 90% of the payment it was suppose to receive from Chinese optical film maker as compensation, after the contract between the pair was canceled.

YEST signed a US$13.65 million contract with KDX in 2018 to supply it with furnaces used in display production.

But KDX failed to pay the deposit or bring in the furnaces that were made following the order.

YEST sent a letter in September 2019 for the Chinese company requesting it to fulfill the contract but still there was the progress.

Afterwards, the Korean firmed filed a complaint to China’s trade mediation commission, which ruled in its favor.