PrimeEnergy Cleantech officially declared bankrupt

The Basel company PrimeEnergy Cleantech has officially been declared bankrupt, the Swiss Official Gazette of Commerce (Fosc) showed on Monday. Hundreds of French-speaking people have invested in this company specializing in photovoltaic installations in Europe and fear they will not be able to recover their money.

A preliminary notice of bankruptcy has been issued for the company based in Allschwil, according to the Fosc website. The bankruptcy opening date was set for November 14.

The company, present in Geneva, announced its bankruptcy to investors on October 18. On November 6, it rejected the proposal for a suspension of debt restructuring, put forward by these same investors, arguing that the liquidation of the company could no longer be avoided. “The bankruptcy of PrimeEnergy Cleantech is the only way to protect the interests of creditors,” said its general director, Khalid Belgmimi, in an email seen by the AWP agency.

From January to the end of June this year, the company posted a half-year loss of 50 million francs, due to significant value adjustments amounting to 69 million, according to its accounts. Loans and receivables constitute a hole of 44.8 million and certain participations a shortfall of 22.9 million.

New complaints in Vaud and Geneva

The company blames its lack of liquidity on large loans, amounting to 19.5 million, granted to its majority shareholder, Laurin Fäh, and related parties. These loans, neither Mr. Fäh nor the guarantor provided for these operations, “can or no longer want to” repay them, according to her.

Mr. Fäh, who assured AWP that he had already repaid 3.2 million, believes that the problem comes from the Financial Market Supervisory Authority (Finma) which blocked the issuance of the bonds.

With the Swiss explorer Bertrand Piccard as ambassador, Prime Energy Cleantech has generated enthusiasm among hundreds of savers, who now feel cheated, after having invested tens, even hundreds of thousands of francs. A first criminal complaint was filed in the canton of Basel-Landschaft, AWP learned at the end of October.

“People subsequently filed complaints in Lausanne and Nyon, as well as in Geneva. Complaints are increasing,” said Jérôme Fontana, one of the leaders of the investor support group, when questioned on the subject. The courts do not confirm the filing of these complaints for reasons of protecting the investigation.

“Latest news”

Want to stay on top of the news? “Tribune de Genève” offers you two meetings per day, directly in your email box. So you don’t miss anything that’s happening in your canton, in Switzerland or around the world.

Other newsletters

Log in

ATS

Did you find an error? Please report it to us.

0 comments