More details emerge of missing deposits as auditor reduces Panda Green’s 2019 losses
There was rare good news for the remaining independent shareholders of the state-controlled solar developer, as the overdue 2019 figures were finally published, with new auditor PwC shaving almost $15 million off a near-$540 million loss.
Auditor blocks solar developer accounts over missing deposits
State-owned solar company Panda Green will miss Friday’s deadline for publishing its audited figures for last year and new owners Beijing Energy have announced the formation of a committee to investigate the payment of $144 million in deposits to secure development rights for projects which never happened.
Panda Green opened another $150m of state-owned credit lines
The debt-saddled developer secured $125 million on a three-year basis from China Construction Bank which will help towards the $271 million it owes investors by the end of July.
