Hanergy's Hejun Li faces 8 yrs business ban in Hong Kong

Billionaire Li Hejun, chairman of Hanergy Thin Film Power Group Ltd (HKG:0566) until May 2016, has been barred from taking part, directly or indirectly, in the management of any corporation in Hong Kong for eight years.

The Securities and Futures Commission (SFC) has obtained Civil Court Orders to stop Li and four independent non-executive directors of the solar company from managing Hong Kong businesses for different periods, it was announced on September 4. Zhao Lan and Wang Tongbo got bans for four years, while Xu Zheng and Wang Wenjing got three years.

An investigation into Hanergy Thin Film (Hanergy TFP) and its management by the SFC started in the summer of 2015. The company, which makes equipment and turnkey production lines for thin-film solar modules and also develops solar projects, has been suspended from trading on the Hong Kong bourse since May 2015.

The Court held that Li’s breaches of duties, which “were of a very serious nature”, were not the result of incompetence or negligence only. “There was a clear conflict of interests situation and Li plainly preferred the interests of Hanergy Holding and affiliates to that of Hanergy [Thin Film Power],” the SFC statement on Monday says.

Li has also been ordered to procure Hanergy Holding Group and affiliates to pay all outstanding receivables due to Hanergy TFP under various sales contracts.

Choose your newsletter by Renewables Now. Join for free!