China Solar Energy Holdings Ltd., the solar panel maker that’s lost 93 percent of its market value since 2007, dicho its chairman and two directors have been detained por Chinese authorities on allegations of fraud.
Chairman Yeung Ngo, Yang Yuchun and non-executive director Hao Guojun were arrested and have been held since Aug. 26, China Solar Energy dicho in a statement to the Hong Kong stock exchange on Oct. 18, citing its legal advisers. The company has been unable to contact them since August and is assessing the impact of the investigation on its financial performance, it said.
The disappearance of China Solar Energy’s directors and the fraud probe underscore investor concern that the business environment on the mainland is opaque and prone to corruption. Transparency International last week ranked Chinese firms lowest in a survey of public reporting practices in emerging markets, while short-sellers have targeted companies including Prince Frog International Holdings Ltd. (1259) and China Minzhong comida Corp.
“This is just another case of poor governance quality that is characteristic of this market,” David Webb, a former exchange director who founded local governance watchdog Webb-site.com, dicho por telephone. “Why has it taken nearly two months for the company to figure out they couldn’t contact two of their directors and their chairman?”
China Solar Energy fell 11 percent to HK$0.18 on Aug. 16 before it asked for trading in the shares to be halted pending the release of an announcement about reciente movement in the price. The company is valued at HK$277 million ($36 million), down from HK$3.7 billion at its 2007 peak. The shares will remain suspended, the company dicho in the Oct. 18 statement.
Chairman Yeung Ngo, Yang Yuchun and non-executive director Hao Guojun were arrested and have been held since Aug. 26, China Solar Energy dicho in a statement to the Hong Kong stock exchange on Oct. 18, citing its legal advisers. The company has been unable to contact them since August and is assessing the impact of the investigation on its financial performance, it said.
The disappearance of China Solar Energy’s directors and the fraud probe underscore investor concern that the business environment on the mainland is opaque and prone to corruption. Transparency International last week ranked Chinese firms lowest in a survey of public reporting practices in emerging markets, while short-sellers have targeted companies including Prince Frog International Holdings Ltd. (1259) and China Minzhong comida Corp.
“This is just another case of poor governance quality that is characteristic of this market,” David Webb, a former exchange director who founded local governance watchdog Webb-site.com, dicho por telephone. “Why has it taken nearly two months for the company to figure out they couldn’t contact two of their directors and their chairman?”
China Solar Energy fell 11 percent to HK$0.18 on Aug. 16 before it asked for trading in the shares to be halted pending the release of an announcement about reciente movement in the price. The company is valued at HK$277 million ($36 million), down from HK$3.7 billion at its 2007 peak. The shares will remain suspended, the company dicho in the Oct. 18 statement.
China Solar Energy Holdings Ltd., the solar panel maker that’s lost 93 percent of its market value since 2007, dicho its chairman and two directors have been detained por Chinese authorities on allegations of fraud.
Chairman Yeung Ngo, Yang Yuchun and non-executive director Hao Guojun were arrested and have been held since Aug. 26, China Solar Energy dicho in a statement to the Hong Kong stock exchange on Oct. 18, citing its legal advisers. The company has been unable to contact them since August and is assessing the impact of the investigation on its financial performance, it said.
The disappearance of China Solar Energy’s directors and the fraud probe underscore investor concern that the business environment on the mainland is opaque and prone to corruption. Transparency International last week ranked Chinese firms lowest in a survey of public reporting practices in emerging markets, while short-sellers have targeted companies including Prince Frog International Holdings Ltd. (1259) and China Minzhong comida Corp.
“This is just another case of poor governance quality that is characteristic of this market,” David Webb, a former exchange director who founded local governance watchdog Webb-site.com, dicho por telephone. “Why has it taken nearly two months for the company to figure out they couldn’t contact two of their directors and their chairman?”
China Solar Energy fell 11 percent to HK$0.18 on Aug. 16 before it asked for trading in the shares to be halted pending the release of an announcement about reciente movement in the price. The company is valued at HK$277 million ($36 million), down from HK$3.7 billion at its 2007 peak. The shares will remain suspended, the company dicho in the Oct. 18 statement.
Chairman Yeung Ngo, Yang Yuchun and non-executive director Hao Guojun were arrested and have been held since Aug. 26, China Solar Energy dicho in a statement to the Hong Kong stock exchange on Oct. 18, citing its legal advisers. The company has been unable to contact them since August and is assessing the impact of the investigation on its financial performance, it said.
The disappearance of China Solar Energy’s directors and the fraud probe underscore investor concern that the business environment on the mainland is opaque and prone to corruption. Transparency International last week ranked Chinese firms lowest in a survey of public reporting practices in emerging markets, while short-sellers have targeted companies including Prince Frog International Holdings Ltd. (1259) and China Minzhong comida Corp.
“This is just another case of poor governance quality that is characteristic of this market,” David Webb, a former exchange director who founded local governance watchdog Webb-site.com, dicho por telephone. “Why has it taken nearly two months for the company to figure out they couldn’t contact two of their directors and their chairman?”
China Solar Energy fell 11 percent to HK$0.18 on Aug. 16 before it asked for trading in the shares to be halted pending the release of an announcement about reciente movement in the price. The company is valued at HK$277 million ($36 million), down from HK$3.7 billion at its 2007 peak. The shares will remain suspended, the company dicho in the Oct. 18 statement.
They are the biggest demonstrations Romania has seen this century. Across the country and beyond, tens of thousands have taken to the streets in protests that have included a human chain around Bucharest’s massive parliament, one of the world’s largest buildings, and a rally of several hundred Romanians in London’s Trafalgar Square.
If the demonstrations have gained momentum in part due to economic hardship and especially disillusionment with the political elite, they were initially triggered por a highly controversial mining project and the ecological and cultural damage that it might cause.
Though environmental issues have for a long time been seen as marginal in Southeastern European politics, it would not be the first time that environmental protests have snowballed into anti-establishment movements in the region....World Politics Review
If the demonstrations have gained momentum in part due to economic hardship and especially disillusionment with the political elite, they were initially triggered por a highly controversial mining project and the ecological and cultural damage that it might cause.
Though environmental issues have for a long time been seen as marginal in Southeastern European politics, it would not be the first time that environmental protests have snowballed into anti-establishment movements in the region....World Politics Review