Green Oil Plantations Ltd
Formed in March 2010, Green Oil Plantations Ltd and Green Oil Plantations (Australia) Ltd was an Unregulated Collective Investment Scheme (UCIS) set up to establish a Millettia tree plantation in Australia. The plan was the trees would be harvested after two years and sold primarily as biofuel and at the lower end, livestock feedback and fertiliser.
Green energy projects are a popular choice for people looking to invest via their SIPP – they want to use their money for good and help to build a greener, cleaner world while also enjoying a healthy return. It’s an honourable aim but sadly green energy and ethical projects make for notoriously unreliable investment opportunities and Green Oil Plantations Ltd was no exception.
Failed harvests leading the cash flow difficulties
Despite their sales literature promising guaranteed income revenue for investors, within the first year of business alleged “operational issues” with the harvest at Green Oil Plantation’s Queensland-based plantations left the connected companies facing significant cash flow difficulties. Problems continued and a little over three years after launching, Green Oil Plantations Ltd entered administration.
Their Statement of Affairs made grim reading. Investors were staring at a financial black hole of over £25 million. 1131 investors had contributed a total of £24.4 million, 19% of which had been via SIPPs.
These were authorised by a number of SIPP providers, many of which have subsequently been declared in default by the Financial Services Compensation Scheme (FSCS). These include:
If you lost money as a result of a SIPP investment into Green Oil Plantations or a similar green energy project, Beat the Banks are here to help. Our claims experts are very experienced in dealing with cases against failed investment schemes and will do everything they can to get you the justice you deserve.
Call us on 01382 200474 for a free, no-obligation assessment of your case.