A company offering investments in an untraceable biofuel project in Mozambique has been wound up by the High Court in the public interest.
Following an investigation by The Insolvency Service, Insight Commodities Ltd (Insight) was wound up on 17 July after raking in over £1m from approximately 100 investors.
In winding up the company in the High Court in London, Registrar Jones, said: “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 the company acquired any such land.
“What it appears to be is that people are selling purported investment with the aim of providing no return. That is plainly a fraud that needs to be investigated as soon as possible by the Official Receiver under a compulsory winding up”.
The investigation found Insight was one of a number of interconnected companies that promoted a bio-fuel project based on the cultivation of the Moringa Olyfeira tree in Mozambique to investors.
Insight promised prospective investors “double-digit returns on investment” on its website, but there was no evidence that the project even existed.
The company’s role in the scheme was to contract with investors and take payment from them although the company had no UK office and used a firm of notaries in London to prepare and process the contract paperwork and take payments.
The only remaining recorded director of Insight, Soloman Gambrah, claimed he had never agreed to become a director and knew nothing about the company or its accounts.