Foreco Growth Investments Limited (“Foreco”), a company which sold carbon credits worth over £1.7m to the public as an investment, was wound up in the UK High Court for using misleading and high-pressure sales tactics. The order was made following an investigation by the Insolvency Service and on a petition by the Secretary of State for Business Innovation and Skills. The recorded directors of the company are Matthew Tresham and Joseph Harrison.
The investigation found that over an 18-month period Foreco received over £1.7million from the public mainly for the sale of Voluntary Emission Reduction (“VER”) credits – in other words, carbon credits.
The investigation also found that Foreco:
Mr Registrar Nicholls, who heard the case said the carbon credits were not an appropriate investment as they could not be sold without significant loss in value. Commenting on the case, David Hill, an Investigation Supervisor at the Insolvency Service said:“These companies could not support their exaggerated claims and many who fell for their slick patter ended up losing out. The Insolvency Service will take action against and put out of business, companies that set out to rip off honest investors ”.
Foreco Growth Investments Limited was incorporated on 24 August 2009 and was recorded as having the following two addresses: 4th Floor, 36 Spital Square, London, E1 6DY.; and currently