Overview

• The Serious Fraud Office has opened a probe into suspected fraud over solar farm investments that saddled Thurrock Council with £1.5 billion in debt, issuing section 2 notices to banks and financial institutions.
• Between 2016 and 2020 the council invested £655 million in bonds sold by Rockfire Investment Finance Plc and other Rockfire Group companies with promised returns of 3 %–6 %.
• The council was declared effectively bankrupt in December 2022 under £1.5 billion of liabilities; Rockfire Group entered liquidation in August 2023.
• The authority has so far recouped £650 million of public funds; it is pursuing civil claims targeting Rockfire Investment Finance Plc with additional claims against owner Liam Kavanagh to recover further losses.
• The Financial Reporting Council launched a separate inquiry into the council’s accounting practices in January 2024, with Essex Police assisting the Serious Fraud Office’s documentation requests.