(Alliance News) - US Solar Fund PLC on Friday said its investment manager has recovered more than half the payments currently the subject of a payment fraud investigation.
Shares in the solar power assets investor closed up 6.2% at USD1.07 in London.
New Energy Solar, the company's investment manager, has recovered USD3.6 million of the USD6.9 million worth of contracted construction payments subject to the investigation.
The fraud was announced on Thursday and relates to contracted construction payments made from the US bank account of a US Solar Fund project company to a third party US bank account.
The recovered funds have been placed back into the US Solar Fund project company's account for used in ongoing construction. So far, the fraud has not hurt construction schedules or budgets.
"The board and investment manager will continue to further investigate the fraud and work with all parties to attempt to recover the remaining USD3.3 million. This includes the account banks, relevant US authorities, the [engineering, procuring, and construction] contractor, and insurers," said US Solar Fund.
By Anna Farley; annafarley@alliancenews.com
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Us Solar Fund (USFP)