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.

  • 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

July 2, 2025
A new state-owned green bank, the Energy Security Corporation (ESC), has launched in New South Wales, Australia, with an initial funding allocation of AU$1 billion (US$640 million).
July 2, 2025
Asset management firm Capital Dynamics has secured €110 million (US$129.4 million) in financing for three solar PV projects in Spain.
July 2, 2025
The US Senate has narrowly passed – with a 51-50 vote and with vice-president JD Vance breaking the tie – the reconciliation bill yesterday (1 July) without the solar and wind excise tax.
Premium
July 2, 2025
ANALYSIS: China's leading PV manufacturers are locked in a new round of competition, aiming to outpace each other through record-breaking feats.
July 2, 2025
Investment manager Quinbrook Infrastructure Partners has begun commercial operations at a 373MW solar PV plant in the UK.
July 2, 2025
Indigenous-led renewable energy company Yindjibarndi Energy Corporation (YEC) has submitted plans for a hybrid wind and solar PV renewable energy project to the Australian government’s Environment Protection and Biodiversity Conservation (EPBC) Act.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK