Suntech settles over Italian PV 'fraud'

Suntech says it has settled its dispute with GSF Capital – its partner in an Italian solar venture that was at the centre of fraud claims by the Chinese PV equipment giant – in an apparently tame end to a noisy legal battle.

The row with GSF Capital erupted last July when Suntech unexpectedly told investors that it believed it had been the victim of a fraud relating to €560m ($729m) of German government bonds that were offered as a guarantee.

The claims centred on Global Solar Fund, an investment group with interests in 142MW of PV projects in Italy that was majority-owned by Suntech but managed by GSF, which held a 10% stake.

The issue led to Suntech having to revise historic financial reports to take account of its implications.

In the months that followed Suntech announced a flurry of…

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