SFO launches fraud investigation into millions invested Thurrock in failed solar farm businesses
The Government's Serious Fraud Office (SFO) has launched an investigation into alleged fraud committed against Thurrock Council in relation to hundreds of millions the council invested into solar farm businesses.
The investments into solar farms were made via a bond scheme sold by Rockfire Investment Finance Plc and other companies operating within the Rockfire Group.
Rockfire offered multiple investment opportunities in renewable energy bonds, offering a return on investment between 3-6% as well as the return of the initial bond purchase cost. The group has since entered liquidation.
Thurrock Council was effectively declared bankrupt in December 2022 in the face of massive debts.
The council said it has since recouped more than £650 million of public money from its various historic investments to date.
However, the local authority is still trying to recover around £150m in funds through a High Court claim against Rockfire Investment Finance Plc's former director, Liam Kavanagh.
Its claim against Kavanagh alleges that the businessman "misused" the funds to buy a private jet, a yacht and a country estate.
Kavanagh has strongly denied the allegations.
The SFO's investigation began on Tuesday (3 June), when it issued a series of Section 2 notices compelling financial institutions to provide information on its newly opened investigation into the alleged fraud.
Director of the Serious Fraud Office, Nick Ephgrave QPM, said: "Today’s action is a significant step in our investigation concerning this suspected criminality.
"We are grateful for the assistance of Essex Police, Thurrock Council and others in the early stages of this enquiry."
Welcoming the investigation, Thurrock Council's cabinet member for Place and the Environment, Cllr Victoria Holloway, said: "[The investigation] represents a vital step toward securing justice and ensuring accountability on behalf of our communities.
“Thurrock Council will continue to fully support this investigation and will make sure the SFO has access to all the information it requires, as we have continued to do since these losses were uncovered.
“Alongside this, the council is vigorously pursuing civil claims against Rockfire and its owner, Liam Kavanagh, to recover public funds lost through these failed investments. Today’s announcement strengthens our resolve to see this through.”
Adam Carey
