Liquidators question Suntech deal

The unravelling of Suntech is proving far from straightforward

The unravelling of Suntech is proving far from straightforward

Chinese PV group Shunfeng is consulting its lawyers after another apparent twist in its efforts to acquire Wuxi Suntech, the insolvent main manufacturing unit of fallen module giant Suntech.

Shunfeng has received a letter from provisional liquidators of Suntech Power Holdings – the global parent group incorporated in the Cayman Islands – stating that any deal to transfer Wuxi Suntech’s assets does not have their approval.

The liquidators – two accountants from PriceWaterhouseCoopers appointed by a court in the Caymans – also gave notice that they will “investigate and pursue” the parent group’s right to transfer ownership of Suntech Power Japan and Suntech Power Investments to Wuxi Suntech – and hence to Shunfeng.

The liquidators told Shunfeng that transfer “may be voidable under British Virgin Islands law”.

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