(Alliance News) - US Solar Fund PLC said Monday that the majority of money lost by fraud has been recovered, with the return of USD2.7 million back into accounts controlled by the solar energy-focused fund.
Alongside the USD3.6 million returned at the end of January, this means that USD6.3 million of the USD6.9 million has been recovered.
Earlier in January, US Solar Fund said 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 does not expect the USD600,000 not yet recovered to have any impact on its next estimate of net asset value. Recovery an investigation activities are continuing, as well as the review of the investment manager's financial processes and controls.
Shares in US Solar Fund were untraded on Monday, last quoted at USD1.00 in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Us Solar Fund (USFP)