Administrators to a collapsed energy developer are suing the former Tory minister Tim Yeo and four ex-colleagues for £20m, accusing them of breaching their duties and misleading investors before the company’s failure. Duff & Phelps, acting on behalf of TMO Renewables’ creditors, has filed High Court proceedings against Yeo, who was chairman until TMO went bust in 2013; David Weaver, the former chief executive; two other former directors; and a consultant, Max Audley. The men are accused of rejecting two rescue funding offers in the months before TMO collapsed because the deals would have involved boardroom clearouts. Shareholders who lost money because of TMO’s demise included Christopher Miller, chairman of Melrose, the industrial buyout vehicle that is taking over GKN. Miller was Yeo’s predecessor as chairman of TMO and had a 9.2% stake when it went into administration.
Times 1st April 2018 read more »
Dave Elliott: Over the years, a lot of support has been provided for renewable energy projects in Africa, most recently under the UN Sustainable Energy for All programme, with the EU taking something of a lead. However, a shift in emphasis from development aid to economic partnership and trade is emerging, with private sector investment, local economic development and local enterprise seen as central, for example via Germany’s new ‘Compact with Africa’ initiative, the so-called Marshall Plan for Africa. The German Federal Ministry for Economic Cooperation and Development’s proposals, ‘Africa and Europe – A new partnership for development, peace and a better future’ says that ‘we need to move away from the donor- recipient mentality that has predominated for many decades and shift towards an economic partnership based on initiative and ownership’ and that ‘it’s not the governments that will create all the long-term employment opportunities that are needed, it’s the private sector. So it’s not subsidies that Africa needs so much as more private investment’.
Environmental Research Web 31st March 2018 read more »