Monday 23 November 2015

UK carbon credit director disqualified

A carbon credit company’s director has been penalised with a 14-year disqualification for an investment scam.

Christopher James Thompson, Director of CT Carbon Limited (CTCL) made sales totalling £1.1 million by selling Voluntary Emission Reductions (VERs) as an investment.

After receiving a letter from a journalist highlighting concerns regarding the rates offered by CTCL and the performance of the VERs, Mr Thompson continued selling them, according to the Official Receiver in the Public Interest Unit.

The  Department of Business, Innovation & Skills decided Mr Thompson cannot promote, manage or be a director of a limited company until 2029.

Paul Titherington, Official Receiver in the Public Interest Unit said: "Mr Thompson should have known that the carbon credits the company was selling were wholly unsuitable as an investment given the price the company charged and the absence of a marketplace where investors could sell their carbon credits.

"Directors who choose to ignore specific concerns and warning signs to the detriment of their clients should expect to be banned from running any limited company for a significant period of time."