by Staff Writers
Shanghai (AFP) April 12, 2016
The new president of Chinese solar giant Wuxi Suntech Power is "assisting an inquiry" at Customs' request, its parent said Tuesday after reports he had gone missing.
Tang Jun was only person from the company helping the investigation and the issue being probed remained unknown, a spokesman for Suntech's parent Shunfeng International Clean Energy (SFCE) told AFP on Tuesday, adding the firm's operations were "all normal".
Tang is the latest senior Chinese businessman to drop out of circulation for unclear reasons.
In January one of China's most prominent clothing firms, Metersbonwe, announced its chairman Zhou Chengjian had returned to work, a week after saying he had disappeared amid speculation he had been caught up in an insider trading investigation.
Weeks earlier Guo Guangchang -- chairman of Fosun, one of the country's biggest private-sector conglomerates -- had vanished from public view in connection with an investigation by authorities, before re-emerging.
Suntech Power was once the world's largest solar panel producer, at a time when Chinese manufacturers were flooding the global market with cheap products, causing trade disputes with the EU and US.
The firm collapsed in 2013 after it announced its main Chinese unit Wuxi Suntech would seek bankruptcy and restructuring, resulting in a bond default in the US worth over half a billion dollars.
The company later said it would receive a $150 million local government bailout and it was eventually bought by Hong Kong-listed Shunfeng for 3.0 billion yuan (now $462 million).
China Business News reported Tuesday that Tang had only taken up his position as president a few months ago and the inquiry could be linked to issues at his previous firm.
SFCE shares were down 1.32 percent in Hong Kong by the break.
All About Solar Energy at SolarDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|