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14-year disqualification over misleading “African stoves” investment scheme (3 August 2016)

Date: 03/08/2016
Duncan Lewis, Crime Solicitors, 14-year disqualification over misleading “African stoves” investment scheme

The director of a company dealing in an African stove investment scheme has been disqualified for 14 years, after breaching a previous disqualification undertaking.

Mark Andrew Ayres – previously known as Mark Eyres and Mark Heaver – acted as a director of Global Eco Projects Ltd (GEP), in breach of a prior director disqualification.

Ayres also caused it to receive investor monies in breach of financial regulations – and failed to protect those monies, as contractually agreed with company investors.

After an investigation, two of GEP’s registered directors – John Roger Childs and Mark Francis Cooney – were also disqualified for seven years from 14 April and 29 April 2016, respectively, for allowing Ayres to act as a director and receive investor monies until 31 July 2013.

They also continued trading from August 2013, receiving and disposing of further investment funds while insolvent, in breach of financial regulations and contract.

An Insolvency Service investigation found that Ayres caused GEP to receive £666,000 of investor monies from October 2012 to 31 July 2013 – and investors were induced to make payment of £666,000 to the company on the basis of investment in a mission to help half-a-million families in Africa lead a healthier and safer life, by giving them a clean, efficient stove to cook on.

Investors were told the free distribution of stoves would generate an income through the obtaining of Gold Standard carbon credits.

An interest payment of 30% of the loan was to be paid 24 months and six weeks from the agreement date – and daily interest would then accrue at 12% per year, payable yearly in arrears, with the full capital of the loan to be repaid after seven years.

The company also said it would place all stove funds in a separate bank escrow account for the sole use of purchasing Cook stoves, which did not happen.

Only £32,395 was paid in respect of cook stoves before 31 July 2013 – and only 1,449 stoves were ever obtained. By 31 July 2013, there was only £101,087 cash remaining.

Chief Investigator at The Insolvency Service, Mark Bruce, said:

“This is a very serious case in which monies were extracted from members of the public – not only on the grounds of it being a safe investment with a good rate of return, but that their money would be used to assist the lives of impoverished communities in Africa.

“In fact, their monies were principally spent on a combination of marketing fees for sales agents – and repayments of monies owed to Mr Ayres.

“Indeed, the entire scheme was illegal from commencement – as the marketing of debentures is a regulated investment and GEP failed to sign off its marketing material from a properly regulated person.”

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