The Chinese polysilicon manufacturer said it only discovered this month that the stock in its solar project division – which it had pledged to secure a $60 million loan which GCL says was never delivered – had been claimed by the lender a year ago, on the grounds the finance agreement had been breached.
Deloitte has walked away from the polysilicon manufacturer, despite the latter having followed the accountant’s recommendation to appoint a third party to investigate why a near-$80 million payment was made in September 2019. Apparently the parties could not agree the detail of the investigation to be carried out.
The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.
EnerVenue signed its first major distribution agreement with Hong Kong’s Towngas. The deal will pilot the company’s nickel-hydrogen battery technology and serve as an audition for future deals to come.
Trading in the Hong Kong-listed company stock, which was supposed to resume this morning following publication of the overdue 2020 figures, remains suspended.
The poly making parent company says it needs extra time to finalize its 2020 figures so trading in the stock appears likely to remain suspended for the rest of the week. GCL is due to complete the paperwork related to a proposed debt restructure this month.
The TBEA-owned poly manufacturer has predicted further consolidation as it aims to ramp up output with another 100,000 tons of annual production capacity.
The polysilicon maker and solar developer saw its shares suspended from trading this morning after missing the deadline to publish its annual report but has been busy with more planned PV project sales.
The bailed-out solar company has seen its fortunes reverse since state-owned Shuifa rode to the rescue but it still has some assets frozen as the result of civil cases.
The fossil fuel assets belonging to the state-owned parent of China Power International Development might overshadow the latter’s green claims but the Hong Kong-listed utility said it reached full operation at 940 MW of solar farms in 2020–more than half of it unsubsidized.
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