Approximately 2,000 Swiss investors are at risk of losing their savings after discovering funds earmarked for solar panel investments were diverted to a medicinal cannabis operation in Portugal. The investors, who collectively put 130 million euros into green bonds issued by PrimeEnergy Cleantech SA, a company based in Basel, were led to believe their money would support renewable energy projects.
PrimeEnergy Cleantech SA filed for bankruptcy at the end of 2024, raising concerns among investors. A criminal investigation launched in Geneva subsequently revealed that 8.1 million euros from the investment fund was secretly channeled into a medicinal cannabis business located in northern Portugal, without the knowledge of those who had invested.
The revelation comes after PrimeEnergy Cleantech was officially declared bankrupt by Swiss authorities on November 18, 2024, according to the Swiss Official Gazette of Commerce. Hundreds of savers in French-speaking Switzerland were particularly affected by the company’s collapse, having been drawn in by promises of a fully “green” investment.
The case underscores the risks associated with green investments and the importance of due diligence when considering financial opportunities. The diverted funds represent a significant loss for investors who believed they were contributing to sustainable energy solutions.
