SINA Announces Arbitration Ruling
SINA (SINA)
Last sina earnings: 2/26 05:00 am
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US:NASDAQ Investor Relations:
corp.sina.com.cn/eng/sina_rela_eng.htm
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Source: PR Newswire
BEIJING, Dec. 27, 2019 /PRNewswire/ -- SINA Corporation (the "Company") (NASDAQ GS: SINA), a leading online media company serving China and the global Chinese communities, today announced that the Netherlands Arbitration Institute (the "NAI") recently rendered an arbitral award regarding the dispute between GeoSolutions B.V. ("GSBV") and its parent company GeoSolutions Holdings N.V. ("GHNV", together with GSBV, "GeoSolutions") as claimants on one hand, and Sina Hong Kong Limited, a subsidiary of the Company ("SINA HK") and GyPSii (Shanghai) Co. Ltd. ("GyPSii"), a joint venture that is 60% owned by SINA HK and 40% owned by GHNV, as respondents on the other hand, and rendered an award in favor of GSBV. The arbitrators of NAI found that SINA HK was a party to, and had breached, a license agreement with GSBV and ordered that SINA HK and GyPSii be jointly and severally obligated to pay GSBV as stipulated under the arbitral award. The arbitrators rejected GeoSolutions' other requests for re
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