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.


SMS Code Sent…

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device

Verify your mobile number to unlock a FREE trial

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

Related Articles