Latest news with #solarfarms
Telegraph
a day ago
- Business
- Telegraph
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.
The Independent
a day ago
- Business
- The Independent
Investigation launched into suspected fraud against debt-ridden local council
The Serious Fraud Office has launched an investigation into failed investments in solar farms that left a local council £1.5 billion in debt. Investigators have issued so-called section 2 notices against banks and other financial institutions to demand documentation relevant to the case. Investments were made by Thurrock Council in Essex through Rockfire Investment Finance Plc and other companies operating within the Rockfire Group between 2016 and 2020. The local authority was offered returns of 3% to 6% on its multi-million pound investment. Rockfire went into liquidation, and Thurrock Council was effectively declared bankrupt in December 2022, with debts of £1.5 billion. It has since recouped £650 million of public money. Director of the Serious Fraud Office, Nick Ephgrave 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.' Victoria Holloway, Thurrock Council cabinet member for Place and the Environment, 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. 'We therefore strongly welcome today's announcement from the Serious Fraud Office (SFO). 'It represents a vital step toward securing justice and ensuring accountability on behalf of our communities. '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 Guardian
a day ago
- Business
- The Guardian
SFO investigates alleged multimillion-pound fraud at collapsed council
The Serious Fraud Office (SFO) has launched an investigation into Rockfire Investment Finance, which became embroiled in a financial scandal over how a UK council invested more than £100m into solar farms. The UK's anti-corruption agency said 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 council'. It added: 'Between 2016 and 2020, Thurrock 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.' Rockfire's renewable energy bonds were said to have offered a return of between 3% and 6%, on top of the original funds invested. The company has since entered liquidation. The subsequent losses contributed to Thurrock, which lies on the north bank of the River Thames immediately east of London and includes the Port of Tilbury, formally declaring effective bankruptcy in 2022 having run up debts of more than £1bn after a series of disastrous investments. The council sued the Dubai-based businessman Liam Kavanagh and his firm Rockfire Capital in London's high court last year, in a case in which the council alleged that the tycoon misused £150m of its funds for personal gain, including buying a luxury yacht and private jet. Kavanagh appeared to have spent some of the funds to make purchases largely 'for his personal benefit', including £13.7m on a yacht and £9.1m on a Bombardier private jet, as well as using £3m for a property in Mallorca, the court filings alleged. At the time, Kavanagh's lawyers said in a statement: 'The claim has not been validly served on Mr Kavanagh and he is confident that his application challenging the court's jurisdiction will succeed. 'Irrespective of the question of jurisdiction, Mr Kavanagh strenuously denies the allegations. If and when necessary to do so, and should the court permit the claim to proceed, Mr Kavanagh will be putting forward a full defence.' The Guardian made efforts to contact Kavanagh and Rockfire via their lawyers after the SFO's announcement. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Thurrock council welcomed news of the SFO's investigation. Victoria Holloway, a cabinet member, said: '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 said it had so far recouped more than £650m of public money from its various historic investments.
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Saudi utility eyes US$10bil of Malaysia renewable projects
Acwa Power Co is expected to undertake joint feasibility studies on floating solar farms and large-scale water desalination with Tenaga Nasional Bhd. (EPA Images pic) RIYADH : Saudi utility Acwa Power Co signed non-binding agreements with Malaysian firms, including to explore the development of about 13GW of power generation capacity, totaling US$10 billion in investments by 2040. 'Acwa's collaborations will include renewable energy, green hydrogen and advanced water solutions,' it said in a statement. One of the world's largest private water desalination companies, Acwa signed the agreement with the Malaysian Investment Development Authority yesterday. The collaboration aims to support Malaysia's goal of increasing installed renewable energy capacity to 70% by mid-century, the company said. The Southeast Asian nation is aiming to phase out coal power by 2044 and achieve net zero by 2050. 'Acwa will undertake joint feasibility studies on floating solar farms and large-scale water desalination with state-controlled utility Tenaga Nasional Bhd and others,' the statement added. Historically, Malaysia has relied on coal, gas and hydro for its power needs, according to BloombergNEF. The country, one of the world's top liquefied natural gas exporters, is also considering expanding imports of the fuel to meet surging power demand.
BBC News
22-05-2025
- Business
- BBC News
Thurrock Council elects Labour leader Lynn Worrall
A council that was bankrupted after a series of failed solar farm investments has elected a new Worrall has taken charge of Thurrock Council in Essex and said it was a "responsibility I take extremely seriously".She replaced her Labour colleague John Kent, who announced his resignation last month and blamed the "disastrous Conservative borrowing and investment policy" for the authority's "precarious position".Speaking after a council meeting on Wednesday, where a new cabinet was also chosen, Worrall said she was "committed to being open, honest and transparent". She continued: "The strongest asset this borough has is our wonderful communities; my job is to make sure that those communities have a voice in all that we do and are given all that they need to thrive and grow right here in Thurrock."Since May 2024, Worrall had been the council's deputy leader. Massive debts Thurrock Council went through a major financial crisis following a series of failed investments in solar announced a budget gap of nearly £500m and issued a Section 114 notice - the local authority equivalent of authority's former chief finance officer, Sean Clark, resigned from his role in January 2023, leaving them with debts of about £ was later barred from the Association of Chartered Certified Accountants for at least five Financial Reporting Council (FRC) said he "recklessly provided misleading information to council members, and therefore to the public". When Kent announced his resignation, he said the council still had debts of about £900m and needed to borrow £74m to meet its budget this offered his "unequivocal support" to his will remain in the cabinet, overseeing arts, culture and said it was a "real honour" to take over and said she would make sure all "voices are heard" and "reflected in all that we do". Follow Essex news on BBC Sounds, Facebook, Instagram and X.
