Alex Sebastian, Portfolio Adviser, 15 AUGUST 2023:
A whistleblower has claimed the investment manager of the ThomasLloyd Energy Impact Trust withheld material information relating to the ‘RUMS’ solar project in India from its board.
The project ran into trouble, leading to a sequence of events which caused the shares to be suspended.
The specific claim made by the unnamed party is that ThomasLloyd Global Asset Management was aware of the details relating to the RUMS project by August 2022, but failed to divulge them in a timely manner.
In a stock exchange statement on the matter issued today (15 August), the board said the fact that the costs of the RUMS project had increased significantly such that a capital injection would be needed, was not properly disclosed…
QuotedData analyst Andrew Courtney commented: “From this announcement, it now appears apparent that as early as August 2022, the investment manager knew that the costs of the RUMS Project had increased significantly such that a significant capital injection into SolarArise would be needed, which according to the information supplied in the release, implies that a deliberate decision was made by the investment manager not to inform the board.
“We could easily envisage legal action here, by the board against the manager or by shareholders against the manager.”
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