REC Silicon, a Norwegian silicon supplier, has lost board control to minority shareholders led by Water Street Capital. Hanwha Group, which owns about 33%, lost influence after canceling a 10-year supply contract due to claimed quality issues. The move led to the closure of the Moses Lake plant and a 50% stock crash. Former employees alleged the termination was deliberate. Hanwha’s takeover bid was rejected by shareholders as undervalued. On May 25, all Hanwha-backed board members were removed. A US court then ordered Hanwha to disclose documents tied to the dispute, finding Water Street’s claims warranted review. The new board has ended Hanwha’s control and launched an investigation into the plant shutdown and contract cancellation.Prior to this boardroom shift, Hanwha’s Anchor AS had offered to acquire REC Silicon ASA in Oslo for NOK 925 million in a full buyout attempt.