An investigation into internal controls at the polysilicon maker found the company permitted deals to be signed off solely on paper in certain circumstances and also unearthed no evidence anyone had done their homework before handing over 865 million shares to secure a loan which, GCL says, never materialized in full.
There was significant opposition to the re-appointment of three executives at today’s AGM, suggesting unease at a strategy that involves loading ever more debt onto the manufacturer as it bids to rapidly outgrow its rivals in terms of production capacity.
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