S*** hitting fan!!17 Jun 2009 14:37
"Jetion Holdings Limited (AIM: JHL), a leading designer, manufacturer and supplier of high quality solar cells and modules, announces that Roger Lijin Gai, Chief Executive Officer ("CEO"), together with three senior managers of the Chinese trading subsidiary, have today been dismissed with immediate effect for breaches of their service contracts and fiduciary duties.
The Board believes that Mr Gai, together with the three managers, are the operators of a business in direct competition to Jetion. The business is a producer and exporter of solar modules. Mr. Gai failed to disclose to the Company that his wife was a shareholder in the competing business . Current public records show that close relatives of the three managers are shareholders. The Board believes that, by their involvement in this business, these individuals have committed serious breaches of their fiduciary duties to the Company and have material conflicts of interest. As a result, the Board has taken decisive action to dismiss them immediately in order to best protect the interests of the Company and its shareholders.Investigations into the circumstances giving rise to their dismissals continue and the Company is taking further legal action. However, as far as can be ascertained at this time, the Board believes that the actions giving rise to their dismissals have not had a material impact on the finances and business operations of the Company."
This is followed by a profits warni