Green Oil Plantations Ltd was initially formed away back in 2010. Milletia trees produce a type of oil that can be turned into a type of biofuel. The idea was simple, invest in the process of planting and growing trees and then harvest them a couple of years later. Despite over 1,000 investors pumping on to their investments and savings it all unfortunately fell on fallow ground. Once again sales commissions were huge. Typically around 15% or £3.5 million of all the funds that were invested.
The first and only set of company accounts for Green Oil Energy Plantations dated January 2013, showed shareholder funds of only £142. Following the appointment of an administrator in April 2013 a Statement of Affairs produced just a month later disclosed an endless list of duped investors and an estimated deficit of over £25 million.
Finally in February 2015 the FSCS announced a change in the way they would assess claims for victims of the Green Oil Energy Scam. Rather than basing compensation on only the loss of pension growth and the level of SIPP charges levied, instead it would calculated in relation to the actual investment loss up to their compensation limit of £50,000.