GCL-Poly probes CEO and son
GCL-Poly has placed its chairman and a director under internal investigation over possible violations of non-competition agreements, the Chinese polysilicon giant said in a filing to the Hong Kong stock exchange.
The firm's board is investigating chairman Zhu Gongshan and his son, company director Zhu Yufeng, over their holdings in two cogeneration plants in China.
The board launched the investigation in response to a 22 August enquiry by the Hong Kong stock exchange.
It said Zhu Yufeng purchased a cogeneration plant and a 9% stake in another facility in Jiangsu province in 2008.
He made the investments via two firms under his control and then shifted them in 2012 to a family trust, which holds a 32.42% stake in GCL-Poly. However, the company did not reveal this change in its 2012 annual report.
The two men are bound by an agreement not to invest in the sale of electricity or acquire stakes in power plants and cogeneration facilities in China.
Last month, chief financial officer Chau Tien resigned from GCL-Poly to pursue new opportunities, the company said. Chau’s departure does not appear to be related to the Zhu investigation.