Sunpower Group responds to SGX queries, says it hasn't breached any loans provisions

Singapore

SUNPOWER Group is not in breach of any of its loan provisions following unauthorised transfers of shares belonging to two of its substantial shareholders, and is able to continue as a going concern, the group said in response to queries from the Singapore Exchange (SGX).

This comes after executive chairman Guo Hongxin and executive director Ma Ming had each entered into a loan agreement in their personal capacities with America 2030 Capital to take a loan for their personal use. In an earlier announcement to the Singapore Exchange on Nov 8, the company said that Mr Guo and Mr Ma had both discovered that their 14 million ordinary shares each, which had been deposited in a designated account as collateral, were allegedly no longer in the account.