Bankrupt Suntech Power Holdings said in an SEC filing that its subsidiary, Power Solar System has been granted an injunction in Singapore’s High Court prohibiting the disposal of assets claimed to be worth US$197.5 million by Suntech Singapore.
It emerged in November 2013, that Suntech Power Holdings' appointed liquidators in the Cayman Islands claimed that Wuxi Suntech was actually owned by Power Solar System, casting doubt on the deal to sell the PV manufacturer's Chinese arm to Shunfeng.
Power Solar System submitted affidavits identifying assets it claimed Suntech Singapore transferred during the tenure of David King as CEO ahead of the eventual sale of Wuxi Suntech to Shunfeng via the bankruptcy court in Wuxi, China.
The assets claimed to have been illegally transferred included in its wholly-owned subsidiary Yangzhou Suntech Power Co., Ltd, and indirect subsidiaries Yangzhou Rietech Renewal Energy Company, Zhenjiang Rietech New Energy Science & Technology Co., Ltd, and Zhenjiang Ren De New Energy Science Technology Co., Ltd, to Changzhou Huihuang Investment Management Co., Ltd., from Jiangsu Province, China.
Shunfeng is based in Jiangsu Province.