Road to Suntech fraud paved with warnings

While mystery still surrounds one of the biggest frauds to ever hit a Chinese firm, the lead up to Suntech discovering €560 million worth of bonds not in existence was littered with warning signs.

A major lender to China's Suntech Power Holdings, a solar panel maker which has been stung by a $690 million fraud linked to its expansion in Italy, financed the expansion despite warnings from a business ally to avoid Italy's scam-ridden solar sector.

US-listed Suntech, the world's largest supplier of solar panels, has lost 40 per cent of its market value since revealing on July 30 that 560 million ($A650 million) in bonds involved in securing the bank financing may never have existed.


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