(Alliance News) - US Solar Fund PLC said on Friday that it is proceeding with the process to recover the remaining funds which were fraudulently taken in January.
In January, the solar power asset investor reported that it had fallen victim to a USD6.9 million fraud in relation to contracted construction payments made from the US bank account of a USF project company to a third-party US bank account.
US Solar Fund said it had launched an investigation in collaboration with US authorities, account banks, the construction counterparty, and insurers.
In February, US Solar said it had recovered USD3.6 million of the funds which had been fraudulently taken, adding that it would continue to further investigate the issue with the aim of recovering the rest of the funds. It also said that it had appointed a global accounting firm - whose name was not disclosed - to review all its financial processes and controls.
Today Friday, the investment company provided an update saying it was continuing work to ensure the company is "made whole" either by recovering the remaining funds or otherwise. It added that the review by the accounting firm is now underway and is expected to complete in March.
US Solar Fund reiterated its statement that there has been no impact to construction schedules or budgets.
The stock was untraded on Friday morning in London, last quoted at 78.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Us Solar Fund (USFP)