- 2 GFI directors disqualified for 10 years
- No evidence of returns for investors
- Directors paid themselves £13million
Investors in Global Forestry Investments – the Brazilian teak investment that took around £24 million for the “Belem Sky” and “Para Sky” plantations might like to know what’s happened to their returns.
While the money ended up often with Global Forestry Investments through pension investments in the Green Retirement Pension Plan, many people will be sad to hear that after investigation by the Insolvency Service, there is no evidence the “majority of investors in the Belem Sky project received any returns after the first year”.
Instead, it was revealed that two directors pocketed £13m between them into their own bank accounts, while investors got paid a total of £710,000 between them.
Directors Bowers and Skeene have now been banned from directorships for 10 years, and said that they paid the money into their accounts to help “ensure that running and operational costs of GFI could be paid whilst the company had no bank account”.
But further investigation showed that £8.8 million was used to pay creditors of a Dubai company under the control of Bowers & Skeene, which was wound up around 4 years ago in 2014.
Can investors claim?
Quite possibly! If you were persuaded to transfer your pension into the Green Retirement Fund and invest in GFI, then our case assessors want to head from you.
Call 01204 929929 to speak with a Spencer Churchill Claims Advice specialist for a FREE initial assessment – Just pop your details into the form below!Tags: Global Forestry Investments Green Retirement Pension Plan