Not to be alarmist, but the first liquidator’s report for SolarZero Limited and five associated companies, dated 3 December 2024 refers to two “Special Purpose Vehicles” designated SPV1 and SPV2.
Wikipedia defines a SPV (or Special Purpose Entity) here.
“Abuses:
Special-purpose entities were one of the main tools used by executives at Enron, in order to hide losses and fabricate earnings, resulting in the Enron scandal of 2001…”
The SPV used by Enron to make liabilities look like assets on the balance sheet was named LJM, after CFO Andrew Fastow’s wife and kids’ first initials. Normally SPVs are out of sight and out of mind until the parent business fails, as is the case here. Brian Cruver’s 2002 book “Anatomy of Greed” referred to them.
Mainstream media has the collapse of SolarZero well covered, and we don’t have much else to add. But the existence of SPVs within the recently collapsed SolarZero group of companies is concerning on a number of levels.
Tristam Price, Editor
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