Chinese Government asked around for Investment in Suntech
Two companies were asked for such investment, one of them being GCL-Poly
Source: Lily Shen- Solarzoom
Sources reported that Chinese government had asked around the industry for possibility of investment in Suntech. Two companies were asked for such investment, one of them being GCL-Poly. A senior manager of the largest China-based solar firm, GCL Group, admitted, “The government negotiated with them about becoming a shareholder of Suntech. But considering the present depressed situation of PV industry, the company had no plan to get involved into production of cells, we declined this suggestion.”
In the swift change the founder, chairman and CEO, Dr. Zhengrong Shi had stepped down from his CEO position and Shi will take up the position of executive board chairman and chief strategy officer. The company will now be led by David King, Suntech’s current CFO, who joined Suntech in May, 2011. And the vacant of CFO role has been appointed to Mrs. Anlin Ting-Mason, who has had over 30 years of experience in finance. Mr. Shi’s expertise was the PV technology and he was always doubted on his financial and managerial skills. The step-down illustrates a penalty for the crisis around GSF assets secured by non-existent financial instruments. The company is serious about regaining its standing with financial markets, by not being afraid to remove the most iconic member of the management team due to grossly lacking financial due diligence.
