Lodbrok Capita says Hanwha’s stake in REC is a conflict of interest – EQ Mag Pro
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Lodbrok Capital, which owns nearly 20% of REC Silicon, says it’s concerned that REC is negotiating a contract to sell all the polysilicon made at its Washington plant to REC’s largest shareholder, Hanwha Solutions, which will use polysilicon to make solar panels. Lodbrok says Hanwha’s ownership stake creates a conflict of interest for the firm.
Hanwha increased its stake in REC to roughly 21% in March. In May, two Hanwha executives were elected to REC’s board of directors and now represent a majority. The board recently replaced REC’s CEO and chief financial officer.
