Suntech's freefall from being the world's largest producer of silicon solar photovoltaic (PV) cells and panels continues, as new details regarding a $700-million investment fraud and business practices at Suntech's Global Solar Fund (GSF) come to light.An Italian court filed criminal charges against GSF Aug. 29 that could result in the dismantling of €80 million ($100 million) worth (more than 20 MW) of solar power projects in southern Italy that have been backed by Italian government financial support, Reuters reports.
The massive fraud at GSF could prove fatal to Suntech, which, up until recent solar power industry and market turmoil, was a favorite of the Chinese government, and one of China's high-flying producers of crystalline solar PV cells and panels. The investment fraud also reveals the central role offshore finance and tax havens play in bilking governments and taxpayers of savings, investment capital and tax revenue.
GSF is based in Luxembourg, which despite high-profile, international efforts to clamp down on offshore finance, remains one of the world's largest offshore banking and tax havens. Suntech set up and owns 80% of GSF, the purpose of which is to develop solar power projcts in Europe. The remaining 10% is owned by GSF Capital, which is partly owned and managed by Javier Romero, the man who has emerged as the central figure in the fraud.
An Italian prosecutor in the southern city of Brindisi has charged five GSF subsidiaries with illegal construction of solar power plants. They're accused of avoiding the required approval process in order to qualify for incentive payments for developing solar power projects, according to Reuters' report.More specifically, the GSF subsidiaries allegedly divided a 20-MW solar PV park into smaller units in order to avoid the more detailed,Now, you can strike deals with solar panel experts online. All China Solar Mp3 player and charger Wholesalers need to do is delve through websites which are connected with supplying solar panels as well as solar powered products and pick ones that interest you the most. Once you've finalized, get price quotes and make the best bargain.Don't forget to ask for discounts and seasonal reductions that already present on the product. lengthy, and costly permitting process for solar power plants more than 1-MW in capacity. In some cases, management falsely reported completing the project construction so that they could qualify for incentive payments before a deadline.In addition to the criminal charges, Suntech is facing legal action for its lack of disclosure regarding the alleged fraud. Suntech management hasn't disclosed the Italian criminal charges and pending litigation to its US shareholders.Several US law firms are suing Suntech on their behalf.In the spring and fall, make sure that solar panels are clear of falling leaves or other blowing debris. You should also take care when raking or leaf blowers do not damage any solar lights or China Solar chargers for Iphone Suppliers. Many people take solar accent lights in during fall clean-up and place them back outside during the spring, especially if they hire other people to do yard work. Class-action lawsuits have been filed alleging that Suntech failed to properly disclose the financial workings of GSF and to monitor its business practices,If you're planning to install a motion sensor light outside for outdoor security then the are a number of issues China Remote Controlled LED Exporters need to consider. Firstly, is it for security or convenience such as an automatic light on the back porch for when you are putting the garbage out. The difference basically is light and the amount of it. according to Reuters' report.
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