26 May '15, 6am

Nepotism, jewellery and a Ferrari: ZN Shine removes Europe chief over fraud allegations

Qingke Xiang has been removed as MD of ZN Shine Europe Tier-one Chinese module manufacturer ZN Shine has removed its managing director in Europe after he allegedly used company money to fund a lavish lifestyle. German court documents obtained by PV Tech show that Qingke Xiang was removed from his position after an Emergency General Meeting on 2 April. He allegedly used company funds on 2 March to pay the deposit on a Ferrari 458, which retails in the US for more than US$230,000. He was also allegedly making unexplained payments to a company called Apollo New Energy GmbH. The sole shareholder and director of the company is Zugao Xiang, Qingke Xiang’s father. The company is registered with a value of €25,000 (US$27,900). It was incorporated in September 2014. Xiang is also accused of charging personal credit card activity to the company. No records of the credit card payment...

Full article: http://www.pv-tech.org/news/nepotism_jewellery_and_a_ferr...

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