Fraud office investigates solar farm deals that sank council
The Serious Fraud Office (SFO) has launched an investigation into a company that took millions from an Essex council through alleged sham solar farm investments.
Rockfire Investment Finance is accused of drawing Thurrock borough council into a fraudulent scheme that ultimately led to the local authority's bankruptcy.
The council poured £655m of taxpayers' money into bond investments sold by Rockfire between 2016 and 2020. Rockfire promised it would provide returns of up to 6pc a year, underwritten by investments in solar farms across the UK.
Thurrock borrowed more than £1bn from about 150 other local councils, in part to fund its investments in Rockfire's schemes.
However, the deals went sour and the local authority was later declared effectively bankrupt in December 2022 after Rockfire failed to generate the promised returns.
Thurrock was left with debts of £1.5bn at the time of its bankruptcy, while Rockfire is now in liquidation. No political party had overall control of the council when the investments were made. Thurrock has been Labour controlled since May 2024.
The SFO has served a series of so-called Section 2 notices to financial institutions, requiring them to hand over information on Rockfire or face criminal sanctions themselves.
Nick Ephgrave, the SFO's director, said: 'Today's action is a significant step in our investigation concerning this suspected criminality.
'We are grateful for the assistance of Essex Police, Thurrock council and others in the early stages of this inquiry.'
Thurrock council described the investigation as a 'vital step toward securing justice and ensuring accountability on behalf of our communities'.
Victoria Holloway, a Labour councillor since 2024, said: 'Since these catastrophic investments first came to light, this administration – standing firmly alongside our residents – has consistently and rightly called for a full investigation.
'Thurrock council will continue to fully support this investigation and will make sure the SFO has access to all the information it requires, as we have continued to do since these losses were uncovered.
'Alongside this, the council is vigorously pursuing civil claims against Rockfire and its owner, Liam Kavanagh, to recover public funds lost through these failed investments. Today's announcement strengthens our resolve to see this through.'
The council has accused Mr Kavanagh of misappropriating funds to buy a yacht, private jet, and a country estate in Hampshire. Thurrock filed a High Court lawsuit against Mr Kavanagh in August last year. Mr Kavanagh, who is now believed to live in Dubai, denies the allegations.
The scandal has proved costly for residents of Thurrock. Council tax rates were increased by 8pc last year and services for local residents have also been cut to secure the local authority's finances.
While Thurrock contends it was the victim of a scam, a 2023 report by Essex County Council placed blame on the authority for ignoring 'multiple red flags' and downplaying criticism.
The report said local politicians inside Thurrock council invested in Rockfire's schemes to 'avoid difficult decisions' without understanding the risks.
Council leaders later 'attempted to conceal bad news and avoid public scrutiny' when their failures started coming to light, the report said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
34 minutes ago
- Daily Mail
Conspiracy theorists share bizarre claims over Meghan Markle's twerking video saying baby bump is FAKE and it wasn't filmed inside hospital
Social media conspiracy theorists have weaponised Meghan Markle and Prince Harry's twerking hospital video to spread wild and groundless speculation that she wasn't pregnant at all and was wearing a 'moonbump '. A group of Twitter critics of the Sussexes have even made the extraordinary claim that the dancing video was faked and made on a film set - or could be AI-generated. Meghan Markle yesterday posted a video of her and Prince Harry twerking in a hospital room in an attempt to induce Lilibet's birth. The Duchess of Sussex shared the throwback clip on her Instagram to mark her daughter's fourth birthday saying 'there was only one thing left to do' when the princess was overdue and spicy food, walking and acupuncture failed to kickstart labour. But conspiracy theorists have pored over the film in order to make wild and even unhinged claims about her including that her pregnancy was faked and she wore a prosthetic fake pregnant belly known as a 'moonbump'. Several claimed, without credible evidence, that her bump was too high or the wrong shape to be real. Others said her ability to dance that way at nine months meant she was either 'superhuman' or not pregnant at all. Others have sought to back the incredible and baseless claim that the Sussexes used a surrogate by claiming the equipment in the background suggested it was not on a labour ward. Trolls have also claimed that Meghan would have been wearing a gown and would have had her jewellery removed. Others have questioned why she wasn't hooked up to an IV drip containing induction medication. One person claiming to be a nurse said that she should have had a canula in her hand. Another alleged that she would not have one fitted while in her own clothes. Some Twitter users crudely marked the pictures with what they considered inaccuracies, using child-like scribbles. MailOnline has asked a spokesman for the Sussexes to comment. The video has sparked baseless claims on social media that it was faked The video has sparked a social media frenzy. In it, Harry is seen coming into view of the camera as Starrkeisha's viral Baby Mama song begins to play. A heavily pregnant Meghan then starts twerking in front of a hospital bed before she gyrates around the room. 'Four years ago today, this also happened. Both of our children were a week past their due dates… so when spicy food, all that walking, and acupuncture didn't work - there was only one thing left to do!,' Meghan wrote on her Instagram. The Baby Mama dance was a social media craze in 2018 with celebs Shay Mitchell, and Chloe and Lauryn Goodman all previously posting videos of themselves taking part in the trend. Meghan had earlier shared two previously unseen photos of Lilibet with Harry. One of the pictures showed the Duke of Sussex holding his daughter's hand as they walked along a sandy road barefoot in the sunshine, while he held his shoes and a cap. The other image was of Harry holding Lilibet as a baby while they looked at each other. Meghan wrote in a post accompanying the pictures: 'The sweetest bond to watch unfold. Daddy's little girl and favorite adventurer. Happy birthday Lili!' The post was made at 7.40am California time (3.40pm UK), just under eight hours after Meghan earlier posted two other intimate family photos of her with Lilibet. In that post, the Duchess shared a black-and-white snap of herself cuddling Lili, who was sat on her lap, with the pair both sporting windswept hair, seemingly on a boat. The second image in the first post showed Meghan tenderly cradling newborn Lilibet as she enjoyed skin-to-skin time with the new addition to her family in 2021. Meghan wrote in the first post: 'Happy birthday to our beautiful girl! Four years ago today she came into our lives - and each day is brighter and better because of it. 'Thanks to all of those sending love and celebrating her special day!' The duchess usually only shares photos of her daughter pictured from behind to protect her privacy. But in the more recent photo, Lili's eyes and the top half of her face could be seen, with her nose and mouth and the rest of her face covered by Meghan's arms as she hugged the princess. Lili - the Duke and Duchess of Sussex's youngest child - was born on June 4 2021 and was named Lilibet Diana Mountbatten-Windsor. She only became entitled to be a princess when her grandfather the King acceded to the throne, because of rules set out by King George V in 1917. Harry and Meghan started using prince and princess for Archie and Lili after the princess's christening in 2023, following correspondence with Charles about the matter. Yesterday, Meghan expressed her dream of launching a future business with Lili as she chatted to Beyonce's mother Tina Knowles on her podcast. 'I wonder if one day I'll be in business with Lili and we'll be building something,' the duchess said, with Knowles adding: 'That's the best.' Last week, the Duchess shared a clip of her and her daughter beekeeping in matching protective suits, writing: 'Harvesting honey with my little honey. (Like mother, like daughter; she's even wearing my gloves).' Lilibet is named after her great-grandmother Queen Elizabeth II. Princess Elizabeth had difficultly pronouncing her own name as a toddler and her grandfather George V would affectionately call her Lilibet, imitating her own attempts to say Elizabeth. The sweet nickname stuck and she became known as Lilibet to her family from then on. But the late Queen was reportedly 'as angry as I'd ever seen her ' after Harry and Meghan claimed they had her blessing to use the name for their daughter Lilibet, a royal aide said. Royal author Robert Hardman, in his biography of the King, told how a member of staff recounted Elizabeth II's fury following Harry and Meghan's announcement in 2021 over the use of her childhood family nickname. The BBC later reported a Palace source said the Queen was not asked by the Sussexes whether they could use Lilibet. But the Sussexes' lawyers fired off legal letters to the broadcaster and other publishers, saying the claim was false and defamatory. A spokesperson for Harry and Meghan insisted at the time that the duke spoke to his grandmother in advance and would not have used the name had the monarch not been supportive. Hardman wrote however: 'One privately recalled that Elizabeth II had been 'as angry as I'd ever seen her' in 2021 after the Sussexes announced that she had given them her blessing to call their baby daughter 'Lilibet', the Queen's childhood nickname.'
BBC News
35 minutes ago
- BBC News
Love Island: Kyle says 'I'm not a bad guy' after arrest reports
A Love Islander axed from the show after it emerged he had been arrested over a fight at a funeral has suggested he could return to the Ashman, 23, was due to enter the villa on Monday for the ITV2 show's 12th series but was dropped after The Sun newspaper reported details of the violence in Stafford earlier this a follow-up Instagram post Kyle, who was released by police without further action, suggested he could rejoin the cast as a "bombshell" or as part of Love Island's annual Casa Amor ITV spokesperson told Newsbeat they had "nothing to add" when asked if the station had ruled out a return. Staffordshire Police said it was called to reports someone had been "glassed" when violence broke out at a social club on 28th men were taken to hospital afterwards, the force said, adding that two 22-year-old men were arrested and later released without further his Instagram clip Kyle, a water worker, said he was "innocent" and "not a bad guy"."I'm a normal guy from a normal place," he said."An opportunity arose to find love, I grabbed it with both hands and it's been taken away from me."ITV previously said Kyle had decided not to enter the villa as planned due to "personal reasons".It also released a further statement, credited to Kyle, which stated: "I am not a violent person and any suggestion otherwise is a mischaracterisation." Professional rugby player Conor Phillips, 25, has been announced as Kyle's replacement. Conor, from Limerick in the Republic of Ireland, will appear as part of the starting line-up when the series returns on former Ireland U20 international has played for Munster since 2022 and described himself as a "class clown"."Being in big teams and groups all the time, I'm always mixing things up, stirring the pot," he said. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.
The Sun
39 minutes ago
- The Sun
UK city reveals plans for new trams as part of £800million transport upgrade – after they were scrapped 84 years ago
A TRAM line could be on the cards after planned changes to key roads in the city centre are set to create an 'unbroken' corridor — a crucial step towards building a future mass transit network. In Bristol, the proposed route would run from the Long Ashton park and ride in the south-west, through the city centre, and along the M32 to the north-east, largely separated from other traffic. 4 4 Transport leaders say it's a strong contender for the first phase of a tram or rapid bus line. Over the next two years, significant roadworks will take place at several central hotspots including Bedminster Bridges roundabout, Redcliffe roundabout, Union Street, the Haymarket, and Bond Street. These upgrades will benefit the existing Metrobus M2 and set the groundwork for a future tram or rapid bus route. Transport officials at Bristol City Council say this new 'red route' could form the spine of a tram network. Speaking to councillors on the transport policy committee, Green Cllr Emma Edwards said: 'This route in future could potentially turn into a mass rapid transit route, whatever that might mean: more buses or maybe other modes as well. "We're trying to solve a problem for the future by creating an unbroken route that could turn into mass transit. "We're trying to think about the long term.' While the exact form of the network is still under discussion, trams and bus rapid transit are the main options being explored. The idea of a mass transit system for Bristol has been debated for decades. Former mayor Marvin Rees had proposed a partially underground system, but the spiralling cost halted progress. In 2023, former West of England Mayor Dan Norris vetoed the underground element entirely, calling it 'unrealistic'. Since then, the West of England Combined Authority (WECA) has continued to explore alternative solutions — without agreeing on whether a tram or bus system is best. Labour's Helen Godwin, the newly elected metro mayor, has yet to commit to a specific plan. Meanwhile, Bristol City Council is pushing forward with the groundwork. Adam Crowther, head of city transport, said: 'Whether mass transit there ends up as a bus or a tram, either way it needs to be fully segregated from traffic, otherwise you get stuck and that's when they become unreliable and therefore people don't want to use them. "So it's about providing that full segregation.' He acknowledged that new bus lanes on Bond Street will worsen car traffic in the short term. 4 But councillors hope the changes will encourage more people to leave their cars at home in favour of public transport or cycling, reducing congestion in the long run. Labour Cllr Tim Rippington added: 'One bus carrying 50 passengers really should be given priority, in my opinion, over 25 cars queuing up. "I don't see a problem with stopping the traffic in order to allow a bus to pass by. It's all designed to deliver this red route. "The worst thing that could happen is that we deliver all the infrastructure and then the lanes stay empty and we don't deliver the mass transit route until 10 years later. "I'm not even sure that the new metro mayor is aware that this route is our plan.' Redcliffe roundabout changes will also enable a potential orbital bus loop around the city centre, initially running anti-clockwise. Left turns are easier to implement than right turns, but funding remains uncertain. Franchising may be required if commercial bus companies are unwilling to take it on. The full red route begins at Long Ashton park and ride, travels along a bus-only road to Cumberland Road, and then through the newly controlled Bedminster Bridges junction. Redcliff Street will become bus-only, and a bus gate at Bristol Bridge already blocks general traffic. From there, it heads through Union Street and past Primark at the Haymarket. Further bus lanes are proposed along the M32, with a new park and ride to be built, though the location is still being debated. In the long term, the motorway could be downgraded to an A-road to accommodate tram or bus stops. WECA is currently developing an outline business case to assess the best way forward. Construction, however, is unlikely to begin before the 2030s. 4
