The UK's Serious Fraud Office has initiated an investigation into Rockfire Investment Finance amid allegations of fraud involving Thurrock council's substantial investments, exceeding £100 million, in solar farms. The council's investments, through a bond scheme tied to Rockfire, led to significant losses that contributed to its bankruptcy in 2022, while the financial firm's renewable energy bonds inappropriately promised returns between 3% and 6%. The council holds Dubai businessman Liam Kavanagh accountable for allegedly misusing £150 million, fueling personal expenditures that include luxury assets. Kavanagh denies the claims and challenges the court's jurisdiction in this matter.
The Serious Fraud Office investigation into Rockfire Investment Finance follows a scandal involving Thurrock council's misallocation of over £100 million into solar farms.
Thurrock council's significant investments in rockfire's renewable energy bonds contributed to its bankruptcy declaration in 2022, after accumulating debts exceeding £1 billion.
Allegations against Liam Kavanagh include misuse of £150 million of council funds for personal purchases, such as luxury yachts and private jets.
Kavanagh's legal team contests the jurisdiction of the lawsuit from Thurrock, while he has vigorously denied any wrongdoing regarding the alleged allegations.
#sfo-investigation #rockfire-investment-finance #thurrock-council #financial-fraud #renewable-energy-bonds
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