Dr Shi Zhengrong, Chairman of Chinese solar giant Suntech, has reportedly been fired. Dr Zhengrong has not taken the news well, issuing a press release calling the move “unlawful” and “invalid.”

After studying at the University of New South Wales School of Photovoltaic and Renewable Energy Engineering, Shi moved back to China and set up Suntech. At one point in 2006/07, Shi was one of the richest men in China. Last year he was demoted from CEO to Executive Chairman.

Dr Shi has not taken his latest demotion well and says he will “take all the steps necessary to protect the company from being harmed by unlawful actions such as the above.”

Dr Zhengrong has issued the following press release:

WUXI, China, March 5, 2013 /PRNewswire/ — The Board of Suntech Power Holdings Co., Ltd. (NYSE: STP) has issued a statement claiming it has purported to remove me as Executive Chairman. I respond as follows:

1. The Board’s decision to purportedly remove me was misconceived and unlawful. The Board had no legal basis for doing so, and the decision was invalid and of no effect. The actions taken at this time by the rest of the Board show that they are not focused on the issues most important at hand and are not acting in accordance with the best interest of the Company.

2. I will take all steps necessary to protect the Company from being harmed by unlawful actions such as the above.

3. I am fully committed to continuing to serve the Company as Executive Chairman to the best of my ability and to guide it through these difficult times.

Dr. Zhengrong Shi

5 March 2013

SOURCE Dr. Zhengrong Shi