By Amin Kef (Ranger)

The Chairman and Majority Shareholder of Pioneer Power Engineering Company (SL) Limited, Zhang Jiakai, has issued a formal public clarification concerning the company’s current management and operational control, citing ongoing judicial proceedings and internal corporate governance decisions.

In a public notice dated 24th February 2026 and addressed to business partners, stakeholders and the general public, Zhang Jiakai stated that the clarification became necessary following recent developments affecting the company’s leadership structure and decision-making authority.

According to the statement, the matter dates back to May 2024 when the Board of Directors of Pioneer Power Engineering Company (SL) Limited convened in accordance with its internal governance procedures and relevant legal provisions. During that meeting, the Board unanimously resolved to remove Zhou Wenjie, a minority shareholder holding 10 percent equity, from his managerial position within the company.

The situation, however, reportedly took a new turn in July 2025 following the commencement of judicial proceedings. As a result of the ongoing legal processes, Zhou Wenjie has since temporarily assumed operational control of the company.

Zhang Jiakai explained that under the prevailing circumstances, the majority shareholder and the original Board of Directors no longer have effective control over the company’s daily operations. He noted that this lack of control extends to key areas including financial management, contractual commitments and administrative decisions.

He further clarified that the majority shareholder and the original Board are not participating in, authorizing or approving any of the operational activities currently being carried out under the acting management.

The notice also contains a formal disclaimer aimed at limiting liability during this period. It specifies that any production activities, sales transactions, contractual agreements, financial arrangements, guarantees, asset disposals, land-related matters or other commercial engagements undertaken at this time are being executed without the authorization or approval of the majority shareholder or the original Board of Directors.

The statement emphasizes that such activities do not reflect the corporate will as previously constituted under the company’s original governance structure. Rather, they are described as actions undertaken independently by the current acting management pending the outcome of judicial proceedings.

Consequently, Zhang Jiakai asserted that the majority shareholder and the original Board shall not bear responsibility or liability for any obligations, risks or disputes arising from transactions conducted during this period. He cautioned that third parties choosing to engage in business dealings with the company under the present arrangement do so at their own independent risk.

Despite the ongoing governance dispute, the Chairman affirmed that the majority shareholder and the original Board have initiated legal action and will continue to pursue appropriate remedies through the judicial system. The notice expressly reserves all legal rights, claims and remedies available to them under the law.

Zhang Jiakai concluded by stating that the public clarification was issued strictly for transparency and risk disclosure purposes, emphasizing that all matters remain subject to final judicial determination.

The unfolding situation places Pioneer Power Engineering Company (SL) Limited at the center of a significant legal and corporate governance dispute, one that business stakeholders and industry observers are expected to monitor closely as court proceedings continue. https://thecalabashnewspaper.com/pioneer-power-engineering-chairman-issues-public-disclaimer-over-companys-operational-control/