Independent trio resigns from Trony Solar board
All three independent non-executive directors spearheading a review of the company books of suspended solar cell maker Trony Solar have resigned.
The trio formed an independent committee to examine the company's accounts for possible discrepancies identified by the board.
The departures could deal a blow to efforts to find out what might have gone wrong with the company, which has lost a chief financial officer, a co-president, an executive director, a non-executive director, a finance director, a sales director and a vice-president of production in the past 11 months.
Fred Lai Yat-kwong, who has been an independent director since September 2011, and Woo Chia-wei and Che Shujian - both independent directors since Trony's listing in late 2010 - resigned, Trony said in a statement.
All three cited "inadequate time to handle the duties as an independent non-executive director because of the heavy workload of being a member of the independent review committee". They had no disagreement with the board and no matter relating to their resignations needed to be brought to the attention of Trony's shareholders, Trony said.
Their departures mean Trony will not meet requirements under listing rules to have adequate independent non-executive directors on its committees for audits, remuneration and nominating directors.
Shenzhen-based Trony said it would try to fill the vacancies within three months.
Trony's board formed the independent review committee in May last year, appointed legal adviser King & Wood Mallesons in July, and appointed forensic accountants PricewaterhouseCoopers Consulting in September, to review its sales, purchases and cash position. Trony said in June its board has identified "possible discrepancies" in its books. Trading of its shares has been suspended since.
Its auditor Deloitte Touche Tohmatsu received anonymous e-mails and an anonymous letter in March and April last year, containing allegations against the firm, Trony said at the time without elaborating.
In September, Trony said it expected the financial results for the 12 months to June 30 to be published no later than March 1 this year.
It said last month that PwC was still doing the forensic review.
Trony claimed in its listing prospectus that it ranked fourth globally as a thin-film solar power panels producer by output in 2009.