In June 2008, Suntech invested in Global Solar Fund (GSF), a company investing in power plants in Spain and Italy. In May 2010, Suntech guaranteed a finance arrangement of 554.2 million euro provided by China Development Bank to companies related to GSF, using 560 million euros in German government bonds from GSF Capital as collateral. However on 30 July 2012 Suntech revealed that the bonds didn't exist, they were apparently forgeries. In the following week, Suntech shares lost 40% of their value
Suntech, defaulted on $541 million of convertible bonds in March 2013.[27] On March 20th, 2013 Suntech filed for bankruptcy in Jiangsu, China.[28] In February 2014, Suntech filed for Chapter 15 bankruptcy in Manhattan, New York to seek protection from U.S. creditors.
There is more. but you get the idea. Suntech is in no state to demand payment from anyone.
Still think Chan bankrupted Suntech? Before the investment blunder they sold a lot of panels. Probably upwards of 20 million.
