Italian court takes action over Suntech’s fraud claims with GSF

Facebook
Twitter
LinkedIn
Reddit
Email

All assets of GSF Capital and its senior manager, Javier Romero have been frozen by an Italian court over claims that Suntech and its chairman and CEO, Dr. Zhengrong Shi were victims of fraud. The court also appointed a manager to take control of the Fund, though Suntech did not provide further insight into how the affair happened.

“Our first priority is to protect the interests of our shareholders, and we are pleased that our litigation initiatives have been successful to date,” commented Dr. Zhengrong Shi. “The court-appointed Manager has already removed Mr. Romero from any management role in the Fund and is in the process of gaining control of the Fund's operating assets. The rest of the Fund's current management team is still in place and we look forward to continuing our working relationship with them in the future.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Suntech also provided an update on the condition of the PV power plants build by GSF using Suntech modules and financial securities. According to the company,

“Our initial due diligence indicates that the solar plants owned and operated by the Fund's operating companies are in good order,” added Dr. Shi. “Over the coming weeks we intend to work closely with the Manager to review all of the assets and confirm that the operations are in line with our initial expectations.”

GSF was said to have ownership and operational control of approximately 142MW of completed solar plants in Italy. In total 141MW were connected to the grid and generating revenue  via wholesale distribution agreements.

Suntech also noted that approximately 74MW of the total connected plants were receiving payments under the Italian feed-in-tariff program, and that the remainder of the plants were expected to be accepted into the feed-in-tariff program within the next few months.

Class-action law suits have already been announced against Suntech in the US over its claims of fraud. Suntech has not yet made a public announcement about these actions.

 

Read Next

Premium
August 29, 2025
PV Tech Premium hears from Renewable Properties and Silicon Ranch about the new 'start of construction' rules for US solar projects.
August 28, 2025
State-owned firm Electricity Generating Authority of Thailand (EGAT) has launched a tender for the construction of a 280MW floating PV (FPV) project.
August 28, 2025
Bahraini, Chinese, Egyptian and Emirati groups have agreed to develop a new solar and storage manufacturing facility in Egypt
August 28, 2025
Latin America has the potential to unlock billions in clean energy investment if it aligns national policies with global sustainability goals and investor expectations.
August 28, 2025
Indian solar manufacturing firm INA Solar has broken ground on its fourth 4.5GW cell production plant in Narmadapuram, Madhya Pradesh.
Premium
August 28, 2025
US solar companies could potentially pay “tens of billions” of dollars in retroactive duties on products imported from Southeast Asia between June 2022 and June 2024, following a decision from the US Court of International Trade (CIT).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines