Suntech takes over GSF fund ownership07. March 2013 | Industry & Suppliers, Markets & Trends | By: Becky Beetz
Suntech Power Holdings Co., Ltd has reached a settlement regarding its fraud dispute with GSF Capital Pte Limited (GSF Capital). A part of the agreement has seen the Chinese photovoltaic manufacturer taking over ownership of the GSF Fund.
At the end of last July, Suntech announced it had launched an investigation into the possibility that a security interest it received in May 2010 in connection to its GSF investment totaling €560 million, was fraudulent.
In mid-August, the company obtained a court order to freeze both GSF Capital’s and Javier Romero’s – the former manager of the general partner of the fund – global assets, and remove Romero from his managerial role in the Global Solar Fund, S.C.A., Sicar.
In a statement released today, Suntech said the court orders would be discharged and that GSF Capital would dispose of its entire ownership of the fund. "Suntech's equity interest in the Fund will increase from 79.3% to 88.15% and the equity interest owned by Best (Regent) Asia Group Ltd., a company ultimately held by Dr Zhengrong Shi, will increase from 10.7% to 11.85%," said the company in a statement released.
CEO, David Kind added, "We are very pleased to have reached this settlement. The new ownership structure will ensure that Suntech has full control of the Global Solar Fund and can manage and operate the Fund's portfolio of solar plants to maximise the value for our stakeholders."
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