Solar Scandal: Investigating the Financial Fallout of Thurrock's Investment
The UK's Serious Fraud Office is investigating a bond investment scheme tied to solar farms that led Thurrock Council to financial ruin. From 2016-2020, the council invested heavily in the scheme, accruing over £1 billion in debt and effectively declaring bankruptcy. The probe aims to secure justice and accountability.
The UK's Serious Fraud Office (SFO) has announced an investigation into a company associated with a bond investment scheme involving solar farms that significantly contributed to the financial collapse of Thurrock Council in 2022.
Between 2016 and 2020, Thurrock Council invested millions into this scheme, offered by UK-based Rockfire Investment Finance, amid skyrocketing debts. By late 2022, with liabilities exceeding £1 billion, the council was effectively bankrupt, prompting it to seek governmental rescue, raise local taxes, and reduce public services.
Rockfire, now in administration, is under scrutiny as the council collaborates with the SFO, eager to recover over £650 million of public funds and ensure accountability. Authorities will compel financial institutions to assist in the probe, aiming to uphold justice.
(With inputs from agencies.)
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