Latest news with #VictoriaHolloway
Reuters
03-06-2025
- Business
- Reuters
UK launches probe into alleged solar fraud that brought down English council
LONDON, June 3 (Reuters) - Britain's Serious Fraud Office (SFO) said on Tuesday it had launched an investigation into a company that sold a bond investment scheme linked to solar farms that led to an English council being effectively declared bankrupt in 2022. Between 2016 and 2020, Thurrock Council, a local authority in the eastern England county of Essex, invested millions into solar farms via a bond scheme sold by UK-based Rockfire Investment Finance and other firms operating within the Rockfire Group. Thurrock accumulated huge debts of more than one billion pounds ($1.35 billion) in the process and was effectively declared bankrupt in December 2022 as it ran out of cash, forcing the council to seek central government support, hike local taxes and cut services for residents. Rockfire has since entered administration. The council said in a statement it welcomed the SFO's probe and would ensure the agency had access to all the information it required. "It represents a vital step toward securing justice and ensuring accountability on behalf of our communities," Victoria Holloway, Thurrock Cabinet Member for Place and the Environment, said. The council said that it had recouped more than 650 million pounds of public money from the investments. Last year it launched a lawsuit against Rockfire to recover funds. As part of the probe, the SFO said it would compel financial institutions to provide information for the investigation. ($1 = 0.7404 pounds)
BBC News
03-06-2025
- Business
- BBC News
Serious Fraud Office investigate alleged council fraud
A company into which a struggling council invested hundreds of millions of pounds is being investigated by the Serious Fraud Office (SFO). Thurrock Council in Essex was effectively declared bankrupt in 2022 - and had a debt of £ 2016 and 2020, the council invested millions into solar farms, via a bond scheme sold by the UK-based Rockfire Investment Finance Plc and other companies operating within the Rockfire Group, the SFO said. Nick Ephgrave, director of the SFO, said: "Today's action is a significant step in our investigation concerning this suspected criminality." The Rockfire Group will now be compelled by the SFO to provide evidence. 'Justice and accountability' Thurrock Council has welcomed the investigation. Labour cabinet member Victoria Holloway said the SFO investigation "represents a vital step toward securing justice and ensuring accountability on behalf of our communities".Thurrock has had to raise council tax above the rate of many local authorities in recent and impose spending cuts. Whilst £650m has been recouped from the investments the council made, millions have been Group has since entered administration. Separate High Court civil proceedings brought by Thurrock Council are under way against Rockfire Investment Finance Plc and its former a statement the SFO said: "Rockfire offered multiple investment opportunities in renewable energy bonds, offering a return on investment between 3-6% as well as the return of the initial bond purchase cost."It confirmed it had issued a series of Section 2 notices, compelling financial institutions to provide information on its newly opened investigation into alleged fraud committed against Thurrock Police and Thurrock Council are helping in the early stages of this investigation. Follow Essex news on BBC Sounds, Facebook, Instagram and X.
