Suntech founder can't leave China: report
Updated: 2013-03-22 21:46
(chinadaily.com.cn)
|
|||||||||||
Authorities have said that Shi Zhengrong — the founder of the world's former largest solar panel maker Suntech — can’t leave China after his company declared bankruptcy on Wednesday, the Shanghai Securities Journal reported on Friday.
Suntech’s chief executive officer David King must also remain in the country, the paper said.
Earlier media reports claimed that Shi was allegedly involved in several related-party transactions, adding that he used Suntech to buy materials from a polysilicon company under his name.
Last week, Suntech Power Holdings Ltd said that eight Chinese banks asked a court to declare it insolvent after the company defaulted on a $541 million bond. Suntech said it would not oppose the petition.
Suntech’s bankruptcy is the biggest collapse of a Chinese solar company after the industry was severely hit by overcapacity problems since late 2009, and also heavy anti-dumping duties imposed by the United States authorities.
Suntech had debt of about $2 billion at the end of August.
Shi earned his doctorate in electrical engineering at the University of New South Wales in Sydney in 1992. He later became an Australian citizen.
Related Stories
Suntech bankruptcy hurts new energy drive 2013-03-22 10:18
Suntech's decision to declare bankruptcy was wise move, analysts say 2013-03-22 07:27
Suntech bankruptcy hurts new energy drive 2013-03-21 20:30
Lenders force Suntech to bankruptcy 2013-03-21 11:17
Wuxi court declares Suntech bankrupt 2013-03-21 09:47
Chinese solar panel giant declares bankruptcy 2013-03-21 09:35
Today's Top News
Police continue manhunt for 2nd bombing suspect
H7N9 flu transmission studied
8% growth predicted for Q2
Nuke reactor gets foreign contract
First couple on Time's list of most influential
'Green' awareness levels drop in Beijing
Palace Museum spruces up
Trading channels 'need to broaden'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |
Firms crave cyber connection |