UPDATE - Sky Solar to investigate actions of ex-CEO

Solar power firm Sky Solar Holdings Ltd (NASDAQ:SKYS) said the planned investigation of actions of its former CEO would involve transactions and fund transfers done without the proper board and audit committee authorisations.

Earlier this week, the Hong Kong-based independent power producer (IPP), focused on solar projects, announced a plan to form a special committee to investigate “certain conduct” of ex-CEO Weili Su. In line with the announcement, Sky Solar’s shares have ceased trading.

On Thursday the firm said it expects to establish in two to three days a committee consisting of independent directors to investigate the conduct of Su. He remains as a director until the earlier of the adoption of an ordinary resolution in a shareholders meeting to remove him from the position, or the expiration of his term at the 2018 annual shareholders meeting.

Law firm Bronstein, Gewirtz & Grossman LLC said Wednesday it is investigating, on behalf of investors in Sky Solar, the potential violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by the firm and certain officers and/or directors.

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