Mandarin Capital warned CDB ahead of Suntech fraud scandal
Sino-Italian PE player Mandarin Capital Partners advised China Development Bank (CDB) as early as three years ago that it shouldn't invest in Suntech Power Holdings' southern Italy initiative due to concerns about fraud. The Chinese solar company has since announced that EUR560 million ($690 million) in German government bonds it used to secure financing from CDB were apparently forgeries.
The suspected fraud, which is now being investigated by lawyers, only came to light when Suntech recently decided to exit its 80% stake in the Global Solar Fund (GSF), a vehicle used to support Italian...
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