Shi Zhengrong, thirteen years ago from
business, perhaps had not thought the experience would be so during the ups and
downs. He just five years time it will be the richest man in China Suntech
brought to the New York Stock Exchange listed to become very famous, the wealth
effect has also attracted a large amount of capital into the photovoltaic
industry, so the ending cause for regret. In facilities, there have been
countless imitators. Australia
Suntech listed at the end of 2005, Kappa Socks world's largest behalf of the business Kang Yi Textile founder Yin Jianzhong Shi Zhengrong become the richest man began to notice photovoltaic diy solar panels silicon plant later in 2008 investment to do. With Yin Jianzhong because Zhengrong Shi and Suntech spending billions of dollars to the countless career in the photovoltaic industry.
"Personally, I think and Shi Zhengrong speed up the process of global the photovoltaic development of 15 years." One concerned about the photovoltaic industry for many years, said industry researcher with a government background, before this time "to the 2008 financial crisis, from the market in 2005 Suntech Shi Zhengrong is scenery, and is in the top position. "
The outbreak of the financial crisis in 2008, Suntech hot. Its components sales too tight, government officials even personally awarded to Suntech getting goods fail to get by. A
energy company CEOs to find the
familiar Zhengrong Shi, the researcher proposed to study crack defeated Shi
The outbreak of the financial crisis in late 2008, Shi also have a very difficult time, and later over. "The source said. However, this time the difficulties encountered by Shi Zhengrong, it is difficult to easily crossed. The urgent need to repay the debt pressure in Suntech body of more than 4.5 billion yuan, seven creditor banks even went so far composed of a creditor committee, the Wuxi municipal government emergency intervention Suntech in Wuxi Guolian will eventually disk access, how eating Suntech, people still unknown. Personal Zhengrong Shi is the most critical edge.
Zhengrong Shi and Suntech executives and even investors sued the
States Court, accused of Asia Silicon emptied
Suntech to Shi misappropriation of company as much as $ 1.68 billion of
investment funds led by Suntech executives to achieve their own interests, its
uses include as Zhengrong Shi individual companies to provide interest-free
loans. It is said that the Board is to conduct an internal audit of related
party transactions Shi Zhengrong personal. This is not a far-fetched than the
board of directors - the most direct expression of its cast a vote of no
confidence, and the removal of its chairman.
Insiders said the end of 2012, Shi acquaintance twelve friends lamented: "doing business is really hard." At this point, Zhengrong Shi is in the investors, creditors, the
the precarious. The moment, former PV the Godfather can only choose silence.
"Other people how to think and how to say is not important, it is
important their own how to do." Shi Zhengrong such a reply and refused the
request of the "Global Entrepreneur" interview. Wuxi
Related party transactions to increase private wealth, combined Zhengrong Shi refused to provide guarantees of individual shares for Suntech lose new bank loans - these "misdeeds" has been heavily criticized. However, there are supporters standing Zhengrong Shi. A supporter of Chinese capitalists inclusion soil also insufficient, a capitalist accumulation of wealth through the disposal of personal assets, this is normal as long as it is reasonable and lawful compliance, as there is no need to evaluate the outsiders. "Facilities "Global Entrepreneur" said.
Insiders said the direct fuse triggered the Board recall Zhengrong Shi GSF counter-guarantee fraud. On July 30 last year, Suntech has issued a notice, saying that may be involved in a fraud amounted to 560 million euros. The protagonist of the fraud Suntech shares of Global how to make solar panels Fund (GSF). In 2010, the GSF to invest in the construction of a 145 MW PV power plant project in southern
The financing of this project is guaranteed to come forward as a GSF one of the
shareholders of Suntech the CDB to this project provide a sum of money for the
loan of 554 million euros. In order to hedge the risk of the project failure
may be brought to Suntech, GSF need to provide a counter-guarantee to the sum
of 560 million euros worth of German government bonds Suntech. Italy