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Ousted Suntech boss says removal unlawful

(Shanghai Daily)

14:04, March 07, 2013

SUNTECH Power Holdings Co founder Shi Zhengrong has said he was "unlawfully removed" as executive chairman by the rest of the board, as an internal fight intensifies at the struggling solar energy company.

"The board's decision to purportedly remove me was misconceived and unlawful," Shi said in a statement today.

"The board had no legal basis for doing so, and the decision is invalid and of no effect."

On Monday, the US-listed company issued a statement saying the board had named Susan Wang, a director of Suntech since April 2009 and the former chief financial offer of Solectron Corp, as Shi's successor.

The board thanks Shi, who will remain a director, for his contributions as chairman.

Wuxi, Jiangsu Province-based Suntech is among solar companies hit hard by a global glut of solar panels.

The cash-strapped company has a US$541 million bond due March 15 and is in talks with global investors to help cover the payment.

"The actions taken at this time by the rest of the board show that they are not focused on the issues most important at hand and are not acting in accordance with the best interest of the company," Shi said today.

He added that he will take all steps necessary to protect the company from being harmed by the latest event.

Shi remains Suntech's largest shareholder.

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