UK launches investigation into the alleged solar fraud which brought down English council

The Serious Fraud Office in Britain (SFO), announced on Tuesday that it had opened an investigation into the company that sold an investment scheme related to solar farms, which led to a council in England being declared bankrupt by 2022.

Thurrock Council in Essex County, eastern England, invested millions between 2016 and 2020 into solar farms through a bond program sold by Rockfire Investment Finance, UK, and other companies operating within the Rockfire Group.

Thurrock, which had accumulated debts in excess of £1.35 billion, was declared insolvent in December 2022 when it ran out cash. The council then sought central government assistance, raised local taxes, and reduced services to residents.

Rockfire is now under Rockfire's administration.

In a press release, the council stated that it was pleased with the SFO investigation and that it would make sure the agency received all of the necessary information.

Victoria Holloway said, Thurrock Cabinet member for Place and the Environment.

The council claimed that it had recovered more than 650 millions pounds in public money through the investments. It launched a suit against Rockfire last year to recover the funds.

The SFO announced that it would require financial institutions to give information as part of its investigation. ($1 = 0.7444 pounds) (Reporting from Tommy Reggiori Wilkes, London and Prerna bedi, Bengaluru. Editing by Shailesh Kumar and David Evans).

(source: Reuters)