Two German newspapers, the Stuttgarter Nachrichten and the Frankfurter Allgemeine Zeitung (FAZ) have reported that investment protection authorities in the country are investigating whether management of the recently insolvent Solar Millennium may have broken the law. The German Association for Securities Protection (DSW) is exploring all avenues in its investigation into the defunct Erlanger company.
According to reports from the FAZ, calls have been made for Solar Millenniums creditors to contact investment protection bodies. Some 200 million are at risk of being lost.
Solar Millennium has recently been in the spotlight with regards to frequent changes of management and speculation as to the manipulation of accounts.
More than 10,000 investors had invested into the middle-sized enterprise in good faith, for a greener future. However, not only shareholders have lost practically everything, stock worth 226 million had been issued along with direct investments of 54 million.
Prosecutors and financial authorities are investigating founder Hannes Kuhn on suspicion of insider trading.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.