In a report by Germanys Mitteldeutschen Zeitung, Korean conglomerate Hanwha has submitted a takeover offer for the insolvent Q.Cells SE. It added that Hanwha envisages the acquisition of production facilities in both Bitterfeld-Wolfen and Malaysia, including most of the remaining 1,200 employees in Germany. Around 500 workers are employed in Malaysia.
As before, neither Q.Cells nor its insolvency administrator, Henning Schorisch would comment on the possibility of a takeover by Hanwha. Ultimately, an offer will be decided upon by the creditors committee.
In related news, the Washington Post has reported that CEO of the Hanwha Group, Kim Seung Young has been today sentenced to a 4 year prison term by Seoul Western District Court and fined the equivalent of 3.6 million for embezzlement. It has been claimed he helped his brothers flailing companies, "which caused over 288 billion won in losses at the Hanwha-controlled businesses".
"The court also found Kim guilty of forcing Hanwhas affiliates to sell shares in an oil company to his sister at below-market prices to help his sisters attempt to acquire the company. He also dodged taxes by trading shares under his employees names," continued the newspaper report.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.