In February 2016, the High Court in London ordered 19 companies into liquidation. One of the companies was CNI (UK) Ltd, one of three companies that emerged in 2013 from the ashes of Carbon Neutral Investments, a company involved in selling carbon credits to retail investors.
On 3 February 2016, the High Court in London ordered 19 companies into liquidation, following an investigation by the Insolvency Agency. One of the companies is CNI (UK) Ltd, whose director Edward Carlton had previously worked as “Head of UK Operations” at Carbon Neutral Investments.
Like many other people who were tricked into buying carbon credits as investments, Craig Jamieson found out too late that the carbon credits are near-worthless. He wants to publicise what happened to prevent others from being taken in and in the hope of getting justice.
Naked Capitalism is a blog set up by Yves Smith. She’s an expert on investment banking and the founder of Aurora Advisers, a New York-based management consulting firm. Carbon Neutral Investments is a company that, before it changed its name, provided services for a long list of companies that sold carbon credits as investments.
Wellz Zable is another company based in London that is selling carbon credits as investments. “Carbon credits provide investors with a unique opportunity to become involved in an innovative and rapidly growing asset class,” the company claims on its website, “whilst also helping to mitigate the worlds emission of carbon dioxide.”
Carbon Neutral Investments is a UK-based company that, until recently, offered two services. First, it worked with companies to sell them carbon offsets to make them “carbon neutral”. Second it provided clearing and settlement services for companies selling voluntary carbon credits.
Three years ago, I wrote a post about a Dubai-based Eventus Alternatives, a company that specialised in selling carbon credits to retail investors. A week after the post, Eventus Alternatives’ solicitors threatened to sue me for US$250,000. Three years later, the company’s ex-director, Phil Wombwell, wrote a nice email asking me to remove the post.
Beta Commodities Limited was a boiler room operation that cold called retail investors and scammed them into buying carbon credits as investments. The company’s director James Michael Cable has now been disqualified as a director for 14 years.