(Alliance News) - US Solar Fund on Thursday said its investment manager New Energy Solar Manager fell victim to fraud totalling USD6.9 million.
The company, which invests in solar power assets, said the fraud was 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 is has launched an investigation in collaboration with relevant US authorities, account banks, the construction counterparty, and insurers.
No other information was disclosed.
The stock closed 4.4% lower at 77.00 pence each on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Us Solar Fund (USFP)