A carbon credit company’s director has been penalised with a 15-year disqualification for an investment scam.
Acording to the Insolvency Service, Young Erumuse from the London Carbon Credit Company Limited (LCCCL) sold carbon credits as an investment when the company had no genuine secondary resale market.
He also failed to maintain, preserve or deliver company records to explain payments totalling more than £2 million and receipts of almost £1 million, it added.
Mr Erumuse cannot be promoted, manage or be a director of a limited company until September 2030.
Paul Titherington, Official Receiver in the Public Interest Unit said: “The London Carbon Credit Company Limited purchased carbon credits for an average of £3.50 and charged its customers an average of £110.70 representing an average mark up of 3,163%.
“It was therefore LCCCL and not its customers who profited from the VERs [Voluntary Emissions Reductions]. Essentially, investors have lost their money.”
Earlier this month, a director of a firm selling non-existent carbon credits was also banned for up to 15 years after taking nearly £200,000.