The investment manager of the ThomasLloyd Energy Impact Trust has vehemently denied claims made by a whistleblower concerning the withholding of material information.
In a statement, the investment manager said there were material inaccuracies and unsubstantiated allegations in the stock exchange announcement made by the board yesterday, 15 August.
See also: Whistleblower claims TLEI manager withheld ‘material information’ from board
The board said it had not been told of problems at the RUMS project in India despite the investment manager being aware of the issues. The costs rose significantly to the point where a capital injection would have been needed, and the shares were suspended.
In its response today, the investment manager said: “The TLEI board’s actions are deeply disappointing to both the investment manager and TLG on the basis that they are self-serving and value destructive.
See also: GAM rejects investor group’s EGM delay request
“Until now, the investment manager has sought to avoid making any public announcements and has worked tirelessly with the aim of lifting the suspension as soon as possible. However, the investment manager has now been left with no option but to make this announcement.”
The TLEI manager added that contrary to the whistleblower’s claims, it informed the board of the increasing solar panel prices at the appropriate time.
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