Suntech's Shi 'questioned by Chinese authorities'

Suntech has not reported a profit since the first quarter of 2011

Suntech has not reported a profit since the first quarter of 2011

Suntech’s former and current chief executives – Shi Zhengrong and David King, respectively – are reportedly being questioned by Chinese authorities keen to pick apart past financial dealings that may have contributed to the insolvency of the company's main subsidiary last week.

Local media, including the China Daily newspaper, claim Shi was prevented from leaving China over the weekend while officials looked into possible irregularities in Suntech’s financial accounts before the company’s main subsidiary was pushed into insolvency last week.

Officials believe that past deals in which Shi was involved may have indirectly contributed to Suntech’s insolvency, according to reports.

However, Australia’s Department of Foreign Affairs contradicted the reports, telling Australian media that Shi “has not been detained and is not subject to travel restrictions”.

Born in Jiangsu province, Shi also holds Australian Log in to read complete article.

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login


Recharge Monthly Magazine