The president of China Solar was arrested in China
China Solar’s president along with other two company leaders, as well as the president’s son were jailed by the Dali authotities from August 26. The three are beeing questioned for false reporting of registered capital for two subsidiaries.
Maybe the most interesting matter of the arrested chairman of China’s Solar is the following statement: “The board confirms that the company is not able to contact the relevant directors since around August 2013,” as, surprisingly, a company report shows.
The directors in question are chairman Yeung Ngo, his son – and executive director – Yang Yuchun and non-executive director Hao Guojun arrested in the People’s Republic on August 26.
The three learders were jailed by the Public Security Bureau of Dali under the conjecture of misleading reporting of registered capital related to two China Solar subsidiaries.
The Dali subsidiary of China solar was settled in January 2008 and has paid over none of the registered capital of US$49,460,000 which was due to be paid by January 24, 2009.
The Hong Kong stock exchange was confirmed that five-and-a-half-year-old subsidiary is not running at the moment and all the company’s belongings are blocked, as China solar board announced them.
Another sub subsidiary of the Bermuda-registered China Solar, the Changzhou unit, has had it’s bussiness registration abolished by the Changzhou Administration for Industry and Commerce, meaning only $19,358,000 of the $99,980,000 registered capital of the unit, was paid and another $80 million were due since June 23, 2010.
Both subsidiaries could lead to the abolishment of the business licences and could be sentenced with penalties.
At the moment the trio has bee suspended from duties until the results of the investigations are through.
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