{"id":68226,"date":"2016-03-04T16:55:52","date_gmt":"2016-03-04T16:55:52","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=9750c4e5ededeb7dbda0c221d395473d"},"modified":"2016-03-04T16:55:52","modified_gmt":"2016-03-04T16:55:52","slug":"press-release-director-duo-dealt-maximum-disqualification-for-selling-unsuitable-investments","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=68226","title":{"rendered":"Press release: Director duo dealt maximum disqualification for selling unsuitable investments"},"content":{"rendered":"
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Alternative Capital Limited (\u201cACL\u201d), a company which traded in carbon credits, was based at 107 Cheapside, London EC2V 6DN.<\/p>\n

The disqualification regime exists to protect the public. As a consequence of their actions, both directors cannot promote, manage, or be a director of a limited company for the maximum period of time allowed in Insolvency law: in Mr Andreetti\u2019s case, from 12 August 2015 until 2030 and in Mr Tweed\u2019s case, from 18 February 2016 until 2031.<\/p>\n

This disqualification follows investigation by the Official Receiver at the Public Interest Unit, a specialist team of the Insolvency Service, whose involvement commenced with the winding up of the company in the public interest following an investigation by Company Investigations, also part of the Insolvency Service, into the affairs of the company. <\/p>\n

The Official Receiver\u2019s investigation found that between April and October 2012, ACL made sales in excess of \u00a3873,000 by cold calling members of the public to sell them VERs, charging them between two and six and a half times the price it had paid its supplier.<\/p>\n

As early as 2010, it was apparent that HM Revenue & Customs, the Financial Conduct Authority, the Registries and the carbon credit market\u2019s own self-regulating authorities considered that there was no viable exit strategy for the carbon credits sold by ACL at the time and that, even if there was, members of the public had no access to it. Even if there was a viable exit strategy, the price ACL was charging for the carbon credits meant that the carbon credits could not be sold without financial loss.<\/p>\n

Commenting on this case Paul Titherington, Official Receiver in the Public Interest Unit, said: <\/p>\n

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Mr Tweed and Mr Andreetti should have known that the carbon credits the company was selling were wholly unsuitable as an investment, particularly given the price the company charged and the absence of a marketplace where investors could sell their carbon credits.<\/p>\n

As a result of this investigation, the marketplace has been protected from Mr Andreetti and Mr Tweed, who have been banned from acting as directors for a substantial period of time.<\/p>\n<\/blockquote>\n

Notes to editors<\/h2>\n

Alternative Capital Limited (CRO No. 07768797) was incorporated on 9 September 2011.<\/p>\n

The company was ordered into compulsory liquidation in the public interest on 1 May 2014, on a petition presented by the Insolvency Service on behalf of the Secretary of State for Business, Innovation & Skills. <\/p>\n

George Vito Michael Andreetti is of London and his date of birth is 29 November 1989. <\/p>\n

Lewis Joseph Tweed if of London and his date of birth is 15 March 1990.<\/p>\n

A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot:<\/p>\n