Sky Solar Announces Results of Investigation into Conduct of Former CEO and Settlement Agreement with Former CEO
September 19 2017 - 6:59AM
Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or the
“Company”), a global developer, owner and operator of solar parks,
today announced that the independent committee of the Company’s
Board of Directors (the “Independent Committee”) had concluded the
investigation (the “Investigation”) into conduct of Mr. Weili Su,
the Company’s former Chief Executive Officer and former Chairman of
the Board of Directors. As announced on June 16, 2017, the
Independent Committee comprises independent directors Mr. Qiang
Zhan and Mr. Xuelong Pei, and the Investigation involved certain
transactions and fund transfers that had appeared to lack proper
board and audit committee authorization. As announced on June 28,
2017, the Independent Committee engaged DaHui Lawyers to carry out
the Investigation.
Based on their review of documents and interviews of certain
current and former employees, officers and directors of the
Company, DaHui Lawyers concluded that certain transactions and fund
transfers between the Company and certain entities controlled by
Mr. Su were not approved by the board or the audit committee.
In addition, there was insufficient documentary support of such
fund transfers.
On September 19, 2017, the Company entered into a settlement
agreement with Mr. Su to resolve all potential claims by the
Company against Mr. Su and certain entities controlled by him
concerning the fund transfers, as well as all potential claims that
Mr. Su and such entities may have against the Company in connection
with Mr. Su’s employment at the Company. Under this
agreement, various debt assignment agreements signed among the
Company, certain third parties, and certain entities controlled by
Mr. Su in April 2017 shall have no effect and be rescinded
immediately; and Mr. Su agrees to pay back to the Company
approximately US$15 million and failing this, authorize the Company
to sell on behalf of him and /or transfer to the Company the
American depositary shares that he holds in the Company to pay for
such settlement amount.
About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (“IPP”) that
develops, owns, and operates solar parks and generates revenue
primarily by selling electricity. Since its inception, Sky Solar
has focused on the downstream solar market and has developed
projects in Asia, South America, Europe, North America and Africa.
The Company's broad geographic reach and established presence
across key solar markets are significant differentiators that
provide global opportunities and mitigate country-specific risks.
Sky Solar aims to establish operations in select geographies with
highly attractive solar radiation, regulatory environments, power
pricing, land availability, financial access and overall power
market trends. As a result of its focus on the downstream
photovoltaic segment, Sky Solar is technology agnostic and is able
to customize its solar parks based on local environmental and
regulatory requirements. As of December 31, 2016, the Company had
developed 307 solar parks with an aggregate capacity of 292.3 MW
and owned and operated 159.6 MW of solar parks.
For investor and media inquiries, please contact:
Sky Solar:IR@skysolarholdings.com
SKYS Investor Relations:
The Blueshirt Group
US or MandarinRalph Fong+1 (415)
489-2195ralph@blueshirtgroup.com
ChinaGary Dvorchak, CFA+86 (138)
1079-1480gary@blueshirtgroup.com
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