Carbon credit company Tullett Brown Limited and related companies ordered into liquidation
Four connected companies have been wound up in the High Court on grounds of public interest following an investigation by Company Investigations of the Insolvency Service.
The investigation showed Tullett Brown Limited (www.tullettbrown.co.uk) made unsolicited phone calls to potential investors inviting them to invest in land and in carbon credits, comparing this to gold, and that substantial payments were made to three connected companies - Tamar (London) Limited, Johnnystone Limited and Brad Baker Limited.
The businesses operated from serviced offices at 133 Houndsditch, 5 th Floor, London, EC3A 7BX.
The investigation also discovered that over £3.2 million had been raised overall from the public by making misleading claims as to the likely return on investment. The land banking business raised £1.6m and the carbon credit business raised £1.6m.
From the funds raised substantial and unexplained payments were made by Tullett Brown Limited to associated companies and to individuals involved with these companies as listed below:
Daniel Nwikpo £473,814
John Ekpobari Nwikpo £165,441
Barinua Carr Nwikpo £29,425
Bradley Ferry £63,041
Ertug Kiazim £140,123
Associated companies £712,217
The investigation further showed that Tullett Brown mis-sold land at five sites it had bought for modest amounts (and at a further two sites marketed on behalf of another company) to the public on the basis that the land was likely to receive planning permission, which was untrue.
Tullet Brown then started selling carbon credits to the public, again at inflated prices using similar misleading statements and unrealistic claims about the potential high returns on investment.
Commenting on the case, Chris Mayhew, Company Investigations Supervisor said:
“I would urge anyone contacted out of the blue by someone they don’t know to simply say no thank you to such confidence tricksters and not invest in their hot air. My advice to would-be investors is: be green; not gullible”.
“We have recently highlighted the increasing number of such companies using dubious and high pressure sales tactics, particularly directed at the elderly, who are seen as an easy target.
“We work closely with the Financial Services Authority and other regulators and are determined to stamp out unscrupulous companies that prey on the vulnerable by cold calling and persuading them by misleading statements to invest in unsuitable products.
Tullett Brown Limited was incorporated on 6 May 2009. The registered office of the company was at 2nd Floor Honours Building, Akeman Street, Tring, Hertfordshire, HP23 6AF. The recorded directors of the company have been Bradley Ferry (from 6 May 2009) and Catherine Lyall (from 22 March 2012 to 30 March 2012). The company has no recorded secretary. The company’s shareholders are shown to be Daniel Nwikpo (540 shares), John Nwikpo (100 shares), Bari Nwikpo (100 shares) and Ertug Kiazim (250 shares).