China Solar Energy Holdings has released a statement confirming one of the executives facing fraud allegations has been bailed.
The statement to the Hong Kong Stock Exchange, released by China Solar Energy Holdings executive director, Jin Yan states on the 30 October the company received notice of the charges and bail deposits from a family member of the accused Hao Guojun, who was released on 26 October.
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Trading of the company's shares will continue to be suspended until further notice with caution advised to share advisors and investors.
The company has still not been able to contact any of the three board members and is still not commenting on the nature of the investigation, until it has contacted the charged employees – but further announcements in compliance with court proceedings are promised soon by the statement.
The three employees were arrested by the Public Security Bureau of Dali on the 26 August 2013 for allegedly submitting a false report.
The statement clarifies the current executive directors are Yeung Ngo, Yang Yuchun, JinYan, SunYanfeng and Guo Lijie, and the “non-executive directors” are Hao Guojun and Li Jian and the independent non-executive directors are Yin Tat Man, Fan Chuan, Gu Yizhong and Zhang Jing.
The company, which has lost some 93% of its value since 2007, said it had been unable to contact its chairman and executive director, Yeung Ngo, and two of its directors, Yang Yuchun and Hao Guojun, since the end of August, when they were arrested.