Rockfire Investment Fraud: Thurrock Council's Million-Pound Loss and SFO Probe
Inside London's Financial Scene
Deceit in Solar Securities Investment
The Serious Fraud Office (SFO) has taken a significant stride in its investigation, delving into the suspected solar bond fraud surrounding Rockfire Investment Finance—a move that has left the British municipality of Thurrock counting a hefty loss of several million pounds. SFO's Director, Nick Ephgrave, has labeled this development as a "Notification to the Financial Institutions" regarding the probe.
The investigation, sparked by alleged fraud against Thurrock Council, dwells upon the secretive deals Rockfire facilitated between 2016 and 2020, where the council invested in solar farm bonds promising attractive returns of 3-6% along with the initial investment fee[1][2]. Reportedly, these deals have led to substantial financial losses for the council.
The allegations point towards Liam Kavanagh, Rockfire's owner, who stands accused of artificially inflating the solar farms' value to secure more investments, thereby raking in lucrative earnings, including luxurious purchases [2][4]. The failed investments are believed to have played a significant role in Thurrock Council being declared near-bankrupt in December 2022, which eventually led to council tax hikes and service reductions for the city's residents [2][4].
As a response, the SFO has issued Section 2 notices to financial institutions operating in the region, demanding information associated with Rockfire. Simultaneously, Thurrock Council is availing itself of the opportunity by cooperating fully with the SFO and pursuing separate civil legal battles against Rockfire and its owner, aiming to recover the stolen public funds [3][4].
Despite the overwhelming financial setbacks, Thurrock Council is on a mission to recuperate its losses, amassing over £650 million from its heritage investments, all the while continuing its crusade for justice through the SFO's investigation and civil court actions [3].
- The renewable-energy industry and finance, including general-news outlets, are closely following the ongoing probe by the Serious Fraud Office (SFO) into the suspected solar bond fraud at Rockfire Investment Finance.
- The renewable-energy industry is scrutinizing the role of Rockfire Investment Finance in the alleged fraud, which has resulted in Thurrock Council's financial losses and sparked criminal investigations.
- To mitigate the effects of the financial losses incurred from the alleged crime-and-justice incident, Thurrock Council is redirecting funds from its heritage investments towards renewable energy ventures, while continuing to collaborate with the SFO and pursue legal actions against the involved parties.
