XML 69 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
6 Months Ended
Mar. 31, 2013
Subsequent Events [Text Block]

19. Subsequent Events

Pursuant to board resolution on April 2, 2013, the Company determined to close BAK Canada. On April 2, 2013, the Company appointed an official receiver for the related bankruptcy process.

On April 3, 2013, the Company entered into a guarantee agreement to provide a guarantee to Hubei Yanguang Energy Technology Co. Ltd, an unrelated third party to the extent of RMB30,000,000 (approximately $4.83 million).

On April 13, 2013, the Company terminated the employment agreement with the Company's Chief Financial Officer, Danny Pan, effective immediately. While the Company is seeking a new Chief Financial Officer, the Board of Directors of the Company has appointed Mr. Xiangqian Li, the Company's Chief Executive Officer, to serve as the Company's Interim Chief Financial Officer, Treasurer and Secretary.