HThis article was originally published on Wednesday, 17 April 2019 at 13:15 SGT; it has since been updated to include comment from America 2030 Capital.
Sunpower Group said on Wednesday there is no merit to complaints of alleged defamation filed by America 2030 Capital and America2030 LLC against the company and other entities.
America 2030 Capital disagreed. “Damages are in the hundreds of millions of U.S. dollars,” it told Shenton Wire via email. “The lawsuits have merit and will be aggressively litigated.”
“[Sunpower] is of the opinion that there are no merits to the complaints and is in the process of seeking legal advice on this matter and intends to vigorously defend its position against the alleged complaints,” the company said in a filing to SGX midday on Wednesday. “The company wishes to reiterate that it remains fully operational,” it added.
Sunpower said the complaints were related to statements from its November announcement that two substantial shareholders — Guo Hongxin, executive chairman of Sunpower, and Ma Ming, executive director — had placed 14 million Sunpower shares each, or around 1.89 percent of the company’s total issued shares, as collateral to a depository broker designated by lender America 2030 Capital.
Guo and Ma’s loans, which were not disbursed, were for their personal use, Sunpower had said. In November the executives said the shares were no longer in the depository broker account.
But America 2030 Capital said last year that the borrowers had failed to comply with the loan terms and that it retained control of the collateral, per the contracts. “America 2030 represents that it acted in good faith at all times and strictly in accordance with the loan contracts,” the lender said in November.
On Wednesday, Sunpower said that the other defendants in the alleged defamation case were not parties to the loan agreement.