Friday 18 December 2015

London-based company faces closure for carbon credit scam

London-based company faces closure for carbon credit scam

The High Court has ordered to shut down a London based company for a carbon credit scam.

Mulberry Wynford offered investments in carbon credits and diamonds to the public according to an investigation by the Insolvency Service.

The company claimed it was headquartered in London, had more than 150 years of combined industry experience and had overseas offices in New York, Hong Kong and Dubai.

Three investors testified they bought carbon credit investments from the company despite the firm's directors saying they didn't sell any of them.

One investor gave evidence in person while two others from Ireland and South Africa testified via video link.

The extent of the overall losses to investors is presently "undetermined", the Insolvency Service stated.

Chris Mayhew, Company Investigations Supervisor said: "The Insolvency Service will not allow rogue companies to rip-off vulnerable and honest people and working closely with other regulators, we will investigate abuses and close down companies if they are found to be operating or about to operate against the public interest."

Written by

Bruna Pinhoni

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