August 14, 2012 / 1:00 PM / 7 years ago

UPDATE 1-Suntech says wins court orders freezing GSF assets

Aug 14 (Reuters) - Suntech Power Holdings Co Ltd said it won court orders freezing the worldwide assets of its partner in a solar development fund, GSF Capital, and GSF owner Javier Romero.

Suntech, which said it had taken legal action against GSF in several jurisdictions, did not disclose which country’s court ordered the asset freeze. It said a court-appointed manager would oversee the frozen assets.

Suntech said late last month that GSF appeared to have defrauded it by falsely claiming it had posted 560 million euros ($691.68 million) in German bonds as collateral for solar power plant projects built by Suntech’s Global Solar Fund subsidiary in Italy.

Suntech, which has been seeking to sell its 80 percent stake in Global Solar Fund to raise money to cover debt payments, said the bonds pledged as collateral appear to never have been posted as collateral.

Shares in Suntech have dropped 17 percent since July 30, when it reported the suspected fraud.

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