All three independent non-executive directors spearheading a review of the company books of suspended solar cell maker Trony Solar have resigned.
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.