The Serious Fraud Office has launched an investigation into failed investments in solar farms that left a local council £1.5 billion in debt.
Investigators have issued so-called section 2 notices against banks and other financial institutions to demand documentation relevant to the case.
Investments were made by Thurrock Council in Essex through Rockfire Investment Finance Plc and other companies operating within the Rockfire Group between 2016 and 2020.
The local authority was offered returns of 3% to 6% on its multi-million pound investment.
Rockfire went into liquidation, and Thurrock Council was effectively declared bankrupt in December 2022, with debts of £1.5 billion.
It has since recouped £650 million of public money.
Director of the Serious Fraud Office, Nick Ephgrave 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 inquiry.”
Victoria Holloway, Thurrock Council cabinet member for Place and the Environment, said: “Since these catastrophic investments first came to light, this administration—standing firmly alongside our residents—has consistently and rightly called for a full investigation.
“We therefore strongly welcome today’s announcement from the Serious Fraud Office (SFO).
“It 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.”
