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Suntech Probes Potential Fraud on $680 Million Guarantee

Suntech Power Holdings Co., the world’s biggest solar panel maker, said it may have been the victim of a fraud involving a 554.2 million euro ($680 million) financing guarantee it extended in 2010.

The Chinese company listed in New York said it’s suing Javier Romero, a former Suntech sales representative who manages an affiliated company that Suntech says pledged German bonds as collateral for payment guarantees. The bonds, Suntech said in a statement today, may never have existed.