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Suntech settles with partner in solar development fund
March 7, 2013 / 12:47 PM / 5 years ago

Suntech settles with partner in solar development fund

March 7 (Reuters) - Solar panel maker Suntech Power Holdings Co Ltd said it had settled disputes over a partner’s claim that it held German bonds as collateral for its investment in a solar development fund.

GSF Capital was a partner in a Luxembourg-based investment fund, GSF Sicar, that developed solar power plants. GSF Capital owned 10 percent of the fund and the rest was owned by Suntech and Zhengrong Shi, Suntech’s founder.

Suntech said in July that GSF appeared to have defrauded it by falsely claiming it had posted 560 million euros ($728 million) in German bonds as collateral for solar power plants built by GSF Sicar in Italy.

As part of the settlement announced on Thursday, GSF Capital will dispose of its stake in the fund for an undisclosed amount, Suntech said.

Suntech’s equity interest in the fund will increase to 88.15 percent from 79.3 percent and Zhengrong Shi’s equity interest will rise to 11.85 percent from 10.7 percent.

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