Founder of failed Sun Electric ordered to pay claimant for defaulting on ‘friendly loan’

IT HAS been three years since the lights went out on Sun Electric – Singapore’s first solar company – but the fallout continues.

On Feb 4, the Singapore High Court ordered Matthew Peloso, founder of the wound-up solar company, to pay Kumar Vikram some S$366,025 at 5.33 per cent per annum interest from the date of the claim. Peloso was also ordered to pay judgment and costs of S$3,061.20.

The court decision followed a claim by Vikram filed against Peloso in late November last year to recoup a “friendly loan” of S$250,000 that Vikram had provided the Singapore-residing Canadian sometime in June 2015, according to court documents.