Carbon credits trader Pinecom Services and Pine Commodities have been shut down by the Insolvency Service for objectionable trading methods.
So what are Carbon Credits?
Simply put, a carbon credit is a tradable certificate or permit that represents the right to emit one tonne of carbon dioxide.
Carbon markets have been created to put a focus on greenhouse gases created by business and industry, which provides a platform for companies to trade credit for carbon, either to lower their carbon footprint for voluntary gain in carbon reduction schemes between trading partners, or on a more sophisticated exchange where profits are the core driver from trading credits, similar to the stock exchange.
Pinecom Services and Pine Commodities were found to have used “objectionable trading” methods when selling credits to the public. The businesses also sold other “rip-off” investments via cold calling techniques to build a £1.8 million business.
The Insolvency Service has urged anyone who is cold called by this type of company, or anyone purporting to represent the Courts to deal with their investment, to simply end the call.
If in doubt, always search for the Courts direct contact number via the internet or a known directory and call the Court back for yourself to check it is them trying to contact you, but in most cases any organisation, from the Court to HMRC, will write to you.
So what are Carbon Credits?
Simply put, a carbon credit is a tradable certificate or permit that represents the right to emit one tonne of carbon dioxide.
Carbon markets have been created to put a focus on greenhouse gases created by business and industry, which provides a platform for companies to trade credit for carbon, either to lower their carbon footprint for voluntary gain in carbon reduction schemes between trading partners, or on a more sophisticated exchange where profits are the core driver from trading credits, similar to the stock exchange.
Pinecom Services and Pine Commodities were found to have used “objectionable trading” methods when selling credits to the public. The businesses also sold other “rip-off” investments via cold calling techniques to build a £1.8 million business.
The Insolvency Service has urged anyone who is cold called by this type of company, or anyone purporting to represent the Courts to deal with their investment, to simply end the call.
If in doubt, always search for the Courts direct contact number via the internet or a known directory and call the Court back for yourself to check it is them trying to contact you, but in most cases any organisation, from the Court to HMRC, will write to you.
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