Chinese State-Owned Pangang Seeks OK On $1M ICC Award

Law360, New York (December 9, 2015, 5:55 PM EST) -- Two subsidiaries of Chinese state-owned group Pangang Group Co. Ltd. on Tuesday urged a New York federal court to confirm a more than $1 million International Chamber of Commerce award in a commercial contract dispute over specialty industrial heaters.

The subsidiaries, Pangang Group International Economic & Trading Co. Ltd. and Pangang Group Chongqing Titanium Industry Co. Ltd., said that Petro-Chem Development Co. Inc has failed to fork over roughly $1.1 million as part of a three-member tribunal’s final award in December 2014.

“For nearly a year,...
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