UK biofuels investment firm ‘fraudulent’

UK-based business Insight Commodities (IC), which was offering investment into an untraceable biofuels project in Africa, has been wound up.

After an investigation by the Insolvency Service, which discovered IC had taken over £1 million (€1.1 million) from around 100 investors for a so-called project in Mozambique, the company stopped trading in July.

Registrar Jones stated during the wind-up proceedings in the High Court: ‘I consider this to be a completely fraudulent business. The investigators have found no evidence that the company has taken any steps to ensure that it acquired any land. What it appears to be is that people are selling purported investment with the aim of providing no return.’

It is believed the investigation found IC, and a number of other inter-connected companies, were promoting the project based on the cultivation of the moringa olyfeira tree.