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View the article online at http://citywire.co.uk/wealth-manager/article/a725979

High Court shuts down £3.2m carbon credit 'scam'

by Jun Merrett on Jan 03, 2014 at 10:57

High Court shuts down £3.2m carbon credit 'scam'

The High Court has ordered three carbon credit companies into liquidation following their involvement in a £3.2 million scam.

Global Carbon Broking Ltd, Global Neutral Ltd and Future Carbon Ltd worked together to sell carbon credits to investors at inflated prices, according to the Insolvency Service.

The three firms were ordered to go into liquidation on 18 December 2013 after an investigation by the Insolvency Service.

The service said Global Carbon Broking supplied carbon credits to Global Neutral which marketed them to the public at inflated prices.

The companies had been ordered into provisional liquidation on 19 September and 8 November 2012 respectively. Future Carbon was additionally wound up on the grounds of public interest.

The companies were all linked with another company called World Future Ltd that raised around £2.5 million by selling carbon credits. It alongside two other companies, Capital Wealth Ltd and Fourteenforty Ltd, were ordered into liquidation by the High Court in March 2013.

The Insolvency Service said that Global Carbon Broking continued selling around £668,000 of carbon credits following the appointment of a provisional liquidator.

Chris Mayhew, company investigations supervisor at the Insolvency Service, said: 'This blow formally brings to an end a thoroughly disreputable group of companies selling carbon credits to the public by false and misleading statements.

'Investors should not respond to cold calling investment sharks, or to others who claim to be able to recover money already lost as they will gain nothing but risk losing everything.

'The Insolvency Service will not allow rogue companies to rip off vulnerable and honest people and will investigate them and shut them down.'

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