Hanwha wants to keep Q.Cells' German production


In a report by Germany’s 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 brother’s flailing companies, "which caused over 288 billion won in losses at the Hanwha-controlled businesses".

"The court also found Kim guilty of forcing Hanwha’s affiliates to sell shares in an oil company to his sister at below-market prices to help his sister’s attempt to acquire the company. He also dodged taxes by trading shares under his employees’ names," continued the newspaper report.