Published on November 8, 2024 at 05:25. / Modified on November 8, 2024 at 08:05.
On October 18, PrimeEnergy Cleantech (PEC) warned its investors that it was heading toward bankruptcy. The photovoltaic company was experiencing a liquidity shortage after granting large loans to its majority shareholder and related parties. Loans that neither they nor the guarantor provided for these operations “can or no longer want to” repay, according to PEC, which warned Wednesday that bankruptcy seemed inevitable. Time therefore asked the shareholder, Laurin Fäh, why he had borrowed around forty million, according to our information.
“It was a common practice, the company and I had been lending each other money since 2011; sometimes I was in debt, sometimes not,” replies the Basel businessman. These were formal loans, with an interest close to 4%, a little higher than that which was paid by the company’s bonds, further specifies the septuagenarian, who began his career with the blues. Big Star jeans, before branching out into real estate and then green energies.
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