China Solar forced to postpone its six-month figures update
China solar, an ex-solar giant was obliged to put off its six-month figures because the investigation into two of its Chinese subsidiaries continues. Three of the company directors were jailed and accused over the asserted misreporting on registered capital for the units.
The scandal about false reporting of the certified capital for two Chinese subsidiaries of China Solar, a photovoltaic producer, went off the rails with the reporting of the company’s six-month figures.
Under the supervision of the Hong Kong Stock Exchange the firms have to make produce their interim trading figures in two months’ time at the end of the period in question.
The PV developer China Solar said that it will lose the chance to do the cut-off date for its half-year figures to the end of September, and instead their purpose will be to announce them before the end of the year.
China Solar revealed that the delay was caused “because additional time is required for the company to complete and finalise certain information, including but not limited to, the investigation of certain PRC subsidiaries of the company, to be included in the interim results.”
The investigation in question has been persuaded by the revelation, by the company on October 21, China Solar chairman Yeung Ngo was jailed by the Dali police, China, on August 26 together with his son and China Solar executive director Yang Yuchun and non-executive director Hao Guojian.
The arrests were related to China Solar’s Dali and Changzhou subsidiaries, and the company acknowledged that none of the US$49,460,000 of registered capital due to be paid by the Dali subsidiary by January 24, 2009, was materialized.
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