A survey of a financier who promised to provide a $60 million loan to the solar project development department of a polysilicon company two years ago found that it only found an address in St. Kitts and Nevis and a key to it. Allegations of fraud by personnel.
GCL-Poly seems to have accepted the loss of most of its shares in GCL New Energy.
Image: Dave Tacon for Photovoltaic Magazine
Polysilicon manufacturer GCL-Poly announced today that the 865 million shares it pledged to provide loans for its solar project operations in 2019 are "very likely...no longer by [its subsidiary] Elite Time or other members of any other group."
After GCL announced in May that it had discovered that the controversial stock had been transferred from the account of an unnamed depositary broker in June last year, it said today that the investigative company it hired to investigate the matter found that: “One of them has a relationship with the lender. The key person concerned has previously been accused of fraud and involved in other financial disputes. The suspected frauds and disputes involve other companies controlled by this person, which have signed the master loan agreement with the borrower, but are using the shares as collateral After the product, it was allegedly failed to provide a full loan [and] allegedly sold the mortgaged stock on the market."
The October edition of Photovoltaic Magazine, which will be on the streets tomorrow, discussed in depth the fire hazards of lithium-ion battery systems, focusing on the large battery fire in Victoria, Australia, which has attracted worldwide attention. In addition, Saul Griffith, a master of electrification, talked to photovoltaic magazine about reshaping the climate dialogue; we deeply studied the evolution of residential photovoltaics in China; we continued to report on global photovoltaic supply chain issues, and asked: there are alternatives for manufacturing in China NS?
This seems to be the case of GCL, which has accepted the fact that it has lost most of its shares in GCL new energy project business. Photovoltaic magazine reported in May that if there were no missing shares, GCL would only control 49.24% of the solar development business.
As GCL revealed earlier this year, its Elite Time Global Ltd subsidiary had pledged these shares on August 28, 2019 to obtain a $60 million loan from today’s lender named Bentley Rothschild Capital 5 Ltd. According to reports, the lender confirmed that on September 26, 2019, it will provide three payments of US$16 million and a final payment of US$12 million.
GCL stated in May that only US$2.2 million of the pledged funds will be honored in February 2020. The company discovered five months ago that the shares transferred to the depositary broker had been transferred to the lender 11 months ago. Previously, Bentley · Rothschild (Bentley Rothschild) claimed to have violated the terms of the loan agreement.
GCL has not yet explained why no one knew about the stock transfer for nearly a year, but today it said that the investigative company FTI Consulting (Hong Kong) Ltd could not find the business history or entity of Bentley Rothschild Capital 5 except for the address of the company secretary. Office, in the Caribbean island of St. Kitts and Nevis.
The polysilicon manufacturer told the Hong Kong Stock Exchange today that it believes that it is still the controlling shareholder of the new energy business and has decided not to pursue this matter because of the potential costs and the "possibility of a meaningful recovery." As previously reported by Photovoltaic Magazine, at the time of the loan arrangement, the 865 million shares pledged by GCL are said to be worth 120 million U.S. dollars.
Since the end of March, GCL shares have been suspended from trading because the company was unable to publish its full-year accounts for 2020. Previously, the former auditor Deloitte was scheduled to pay 510 million yuan (US$79 million) to a company in September 2019. The money from the state-owned enterprise was used to purchase an unformed production facility.
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