Solar Millennium investigated for law violation – report

(SeeNews) – Dec 29, 2011 - German association for the protection of investors SdK is investigating whether insolvent German solar plant developer Solar Millennium AG (ETR:S2M) has broken any laws, photovoltaik.eu said on Wednesday.

In addition, daily Frankfurter Allgemeine Zeitung reported that bondholders may lose some EUR 200 million (USD 257.6m).

The company filed for insolvency on December 21 and just a short while later investor protection associations asked investors to get in contact with them.

What is more, currently there is a lawsuit against former chairman of the supervisory board Hannes Kuhn on suspicion of insider trading.

Some 10,000 investors have invested in Solar Millennium. However, shareholders will face the greatest threat.

(EUR 1 = USD 1.288)

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