BEIJING Jan 13 Sinovel Wind Group Ltd.
, the power generation company accused by the U.S.
government of industrial espionage, announced that it is under
criminal investigation by China's stock markets regulator for
allegedly breaking securities laws.
Sinovel, once the biggest wind turbine manufacturer in
China, made the announcement in a notice to the Shanghai Stock
Exchange dated Sunday.
Shares in the company dropped 9.9 percent on Monday. The
stock has lost more than 80 percent of its value since the
company listed in January, 2011.
Beijing-based Sinovel said that it would "actively
cooperate" with the investigation by the China Securities
Last June, the U.S. Department of Justice charged Sinovel
and two of its executives, Su Liying and Zhao Haichun, with
stealing proprietary software from AMSC, a Devens,
Also charged was Dejan Karabasevic, an AMSC employee whom
Sinovel gave an 11 million yuan ($1.82 million) contract to hand
over company source code.
AMSC once provided wind turbine design, engineering services
and power electronics and controls to Sinovel. U.S. authorities
said the alleged theft cost AMSC $800 million.
AMSC also is suing Sinovel for intellectual property theft
at the Beijing High Court, where a decision is expected to be
handed down shortly.
Sinovel announced in December that it had changed its
corporate auditor. The company also has announced many key
personnel changes in recent months.