The beleaguered board had invited a US expert to review the AES technology and said it was pleased to say the expert had reported the technology was world class and the AES R&D team was now focussed on advanced distributed solar technologies.

However it said that despite India and the United States being bright markets for AES, it had taken the decision to write of AES’ investments to date in the two countries. It said it had recently opened a subsidiary office in New York with a similar move planned for India.

It said it had investigated a number of matters in those countries which involved previous personnel of AES and had been unable to satisfy itself on certain historical transactions and previous management control systems.

“The board is therefore making arrangements with the deed administrator for certain members of the previous management and staff to be examined in order to provide the board with adequate information to better understand the matters in question.”