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PrimeEnergy Scandal: Luxembourg Scam Suspected in Swiss Bankruptcy Case
🇨🇭 Switzerland /Economy & Trade

PrimeEnergy Scandal: Luxembourg Scam Suspected in Swiss Bankruptcy Case

From Le Temps · () French

Translated from French, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • PrimeEnergy Cleantech (PEC) went bankrupt in November 2024, leaving 125 million francs in debt to about a thousand savers.
  • Prosecutors have expanded accusations against the former main shareholder, his sister, and the former CEO, adding potential fraud charges.
  • The accused, who remain in custody, deny the allegations, with the former shareholder blaming rising interest rates for the company's collapse.

PrimeEnergy Cleantech (PEC), a company active in photovoltaics, collapsed into bankruptcy in November 2024, leaving a deficit of 125 million francs and affecting approximately a thousand savers, primarily from the French-speaking region of Switzerland.

Prosecutors in Geneva have broadened their accusations against the former main shareholder, Laurin Fäh, his sister, and the former CEO. They are already suspected of disloyal management and breach of trust. Now, they may also face charges of fraud due to unpaid loans granted by a Luxembourg-based entity within the group to a company owned by the main shareholder. The accused, presumed innocent, vehemently defend themselves.

During a hearing on June 9 in Geneva, Fäh responded to prosecutors, stating, "You build things dishonestly. You talk hot air." He believes the company was undermined by the post-COVID rise in interest rates. The three individuals remain in custody in Geneva.

You build things dishonestly. You talk hot air.

— Laurin FähThe former main shareholder of PrimeEnergy Cleantech responded to Geneva prosecutors who expanded accusations against him.
DistantNews Editorial

Originally published by Le Temps in French. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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