Sunpower's exec chairman, exec director lodge report with CAD over unauthorised transfers of shares

SUNPOWER Group's executive chairman and executive director have lodged a report with the Commercial Affairs Department (CAD) over the unauthorised transfers of shares in Sunpower belonging to the two shareholders.

Executive chairman Guo Hongxin and executive director Ma Ming - who are two of Sunpower's substantial shareholders - 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.

The decision by Mr Guo and Mr Ma to approach and lodge a report with the CAD was "self-initiated and voluntary", Sunpower noted.

It added: "The board wishes to reiterate to the shareholders that the group is not involved in any of the above matters and the business and operations of the group are not affected by the foregoing. The company remains fully operational and dedicated to executing the Green Investments growth strategy, which the board believes has the potential to improve shareholders' value in the long term."

Sunpower had also said previously that Mr Guo and Mr Ma have commenced legal proceedings in the Supreme Court of Singapore to get back the shares. On Nov 8, the Court granted an interim injunction to restrain America 2030 and parties working with it from selling, forfeiting, transferring or dealing with the shares.