Chinese manufacturer Suntech has announced the resolution of its ongoing dispute with its partner GSF Capital.
GSF Capital was a partner in GSF Sicar, an investment fund majority owned by Suntech that developed solar power plants.
Last summer Suntech alleged GSF had defrauded the Chinese company by falsely claiming it held over €500 million (US$728 million) in German bonds as collateral for solar plants built by GSF Sicar in Italy.
An Italian court subsequently froze the assets of GSF Capital and its manager Javier Romero following the allegations.
In a statement today Suntech said GSF Capital had agreed to dispose of its entire interest in GSF Sicar for an undisclosed amount and would no longer have any ownership interest in the fund.
In addition, the court orders obtained by Suntech will be discharged. The settlement does not involve an admission of liability on the part of GSF Capital or Romero, Suntech said.
David King , Suntech's CEO, said: “We are very pleased to have reached this settlement. The new ownership structure will ensure that Suntech has full control of the Global Solar Fund and can manage and operate thefFund's portfolio of solar plants to maximise the value for our stakeholders.”
