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09 June
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KPMG to look into Panda Green’s missing $144m

admin   |   Solar, solar industry

The accountant is expected to announce the results of its investigation into RMB1,022 million of missing solar project development rights payments early next month.

The committee charged with investigating the loss of more than RMB1 billion (US$141 million) paid by Chinese solar developer Panda Green in 2017 for the right to develop PV plants which never materialized, has brought in the Beijing branch of global account KPMG.

Panda Green, in an announcement to the Hong Kong stock exchange where it is listed, this afternoon said KPMG expects to present its findings on the matter on or around July 3, enabling the annual results for last year to be signed off by July 17, with the annual report to then follow.

The 2019 accounts were blocked by Panda Green’s auditor last month as it refused to sign off a planned impairment of RMB1,022 million related to the, apparently non-recoverable project development rights deposits.

Although the independent investigations are the reason behind Panda Green failing to publish its annual accounts and report in time to comply with exchange regulations, the developer today announced it is invoking the Covid-19 crisis to request a waiver of the requirement to sign off the figures in a timely manner.