HONG KONG, Sept 4 (Reuters) - Hanergy Thin Film Power Group Ltd, the solar panel maker being investigated by Hong Kong’s securities regulator, said on Monday it has fired four members of its board of directors, putting the company closer to resuming trading after a two-year suspension.
The company ended the services of its four independent non-executive directors (INED) after the Securities and Futures Commission (SFC) won a ruling in the High Court of Hong Kong banning the four and Hanergy founder and former Chairman Li Hejun from being directors or being involved in the management of any companies in the city.
Li was banned for eight years, while two directors were disqualified for four years and another two directors for three years, Hanergy said in a securities filing.
Hanergy has been engulfed in controversy since it asked the Hong Kong stock exchange to suspend trading in its shares on May 20, 2015, after the company lost half its $40 billion market value in just 24 minutes. Eight days later, the SFC said it was investigating Hanergy’s “affairs” and subsequently directed the bourse to extend the suspension indefinitely.
The regulator has set two requirements to allow trading to resume: one that Li and the four directors “not contest liability” and court orders barring them from managing any corporations in the city, and another for Hanergy to release detailed information about its finances.
“The completion of this matter is an important step towards the resumption of trading of Hanergy’s stock,” Hanergy CEO Si Haijian said in an e-mailed statement, referring to the court ruling.
The company said it has been putting its “best endeavours” into fulfilling the second requirement. (Reporting by Elzio Barreto; Editing by Christopher Cushing)