Solar Millennium: investigation into fraud

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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 Millennium’s 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.