Suntech CEO Accused Of Mismanaging Company For Profit

Law360, Los Angeles (December 20, 2012, 7:48 PM EST) -- A Suntech Power Holdings Co. Ltd. stockholder filed a class action in California federal court Tuesday claiming company executives misappropriated $1.68 billion in investment money for their own benefit, including giving interest-free loans to the CEO's personal company.

The suit, filed by Kent Ji derivatively and on behalf of Suntech, raises allegations that Suntech CEO Zhengrong Shi, in conjunction with other top executives, hollowed out the company for the benefit of silicon supplier Asia Silicon Qinhai, a company he co-founded in 2006 and for which he...
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