By Amin Kef (Ranger)
The Chairman and Majority Shareholder of Pioneer Power Engineering Company (SL) Limited, Zhang Jiakai, has issued a formal public clarification regarding the current management and operational control of the company, citing ongoing judicial proceedings and internal governance decisions.
In a notice dated 24th February 2026 and addressed to business partners, relevant stakeholders and the general public, Zhang Jiakai explained that the clarification became necessary in light of recent developments affecting the company’s leadership structure and operational authority.
According to the statement, the matter traces back to May 2024, when the Board of Directors of Pioneer Power Engineering Company (SL) Limited convened in accordance with internal corporate governance procedures and applicable legal requirements. During that meeting, the Board unanimously resolved to remove Zhou Wenjie, a 10 percent shareholder, from his managerial position within the company.
However, the situation evolved in July 2025 following the commencement of judicial proceedings. As a result of those ongoing legal processes, Zhou Wenjie has since temporarily exercised operational control over the company.
Zhang Jiakai stated that under the current circumstances, the majority shareholder and the original Board of Directors do not have effective control over the company’s daily operations. This includes financial decisions, contractual engagements and administrative management. He further clarified that the majority shareholder and the original Board are not participating in or approving any operational activities presently being undertaken.
The notice also contains a formal disclaimer aimed at protecting the majority shareholder and the original Board from liability during this period. It specifies that any production, sales, contracts, financial arrangements, guarantees, asset disposals, land-related matters or other commercial activities conducted during the current phase are being carried out without the authorization, participation or approval of the majority shareholder or the original Board of Directors.
The statement emphasizes that such activities do not represent the corporate will as previously constituted under the company’s original governance structure. Instead, they are described as actions undertaken independently by the current acting management.
Consequently, Zhang Jiakai asserted that the majority shareholder and the original Board shall bear no responsibility or liability arising from transactions or engagements conducted under those circumstances. He further cautioned that any third party choosing to enter into business dealings with the company during this period does so at its own independent risk.
Despite the ongoing challenges, the notice makes it clear that the majority shareholder and the original Board of Directors have initiated legal steps and will continue to pursue appropriate remedies through the judicial system. All legal rights, claims and remedies, the statement notes, are expressly reserved.
Zhang Jiakai concluded by stressing that the notice was issued strictly for clarification and risk disclosure purposes adding that all issues remain subject to final judicial determination.
The development places Pioneer Power Engineering Company (SL) Limited at the center of a legal and governance dispute that stakeholders and industry observers will be watching closely as proceedings continue.
