Mazars

The closing day of the African Energy Week event held in South Africa this month heard voices casting doubt on a renewables-only energy transition and calling for a gradual change and continued investment in petrochemical production.

While the independent investigation of a payment handed over to a state-owned lead contractor for a polysilicon fab planned by GCL exposed a breach of internal policy, the manufacturer has been cleared of any non-compliance with legal requirements.

Deloitte has walked away from the polysilicon manufacturer, despite the latter having followed the accountant’s recommendation to appoint a third party to investigate why a near-$80 million payment was made in September 2019. Apparently the parties could not agree the detail of the investigation to be carried out.

The near-$80 million handed over to a contractor in 2019, of which around $2.3 million was retained by the recipient, is now being investigated by an independent accountant. Meanwhile, GCL’s shares remain suspended because the payment issue is holding up its 2020 accounts.

The Chinese PV company, which is preparing to move its headquarters to Changzhou city this month, has revealed details of the legal dispute which prompted its auditor to resign a fortnight ago.

Paris-headquartered Mazars has walked away from Comtec Solar, citing ‘professional risk associated with the audit’ of the figures for the former solar manufacturer, which is now focusing on PV project income, energy storage and EVs.