Have you invested your private or occupation pension into Elysian Fuels?
If so, we can help. The investment, which was part of a complicated structure, was marketed by Future Capital Partners. The marketing material describes it as providing operational support to bio fuels firm Vireol Limited in relation to the recommissioning of an existing 62 million gallon bioethanol plant in the US as well as a transport fuels refinery in the UK. The investors were invited to subscribe for shares in a Ltd/ PLC. The Ltd/ PLC was also a corporate partner of one of a number of Elysian Fuel UK LLPs. Each investor invested £1.00 per share with the investment (in some cases) funded in part by way of a personal contribution of £0.16 per share and the balance by way of a loan from Future Capital Project Financial Limited.
About £200,000,000 was invested in the scheme which was marketed as suitable for experienced investors only, with a minimum gross investment of £50,000. Individual investors have also invested c. £180,000,000 in shares which were then subsequently sold to their SIPPs.
Ultimately the plant in the US failed for a number of reasons and any shares in Elysian became worthless. We understand that liquidators are in the process of liquidating the various Elysian partnerships. As at October 2015 the Elysian shares were valued at £0.00 meaning that anyone who invested into the scheme has now lost their investment.
To make matters worse the scheme is now being investigated by HMRC who are looking to bring a claim against investors for unauthorized withdrawals from their private or occupational pension.
We believe that this scheme was mis-sold as the investors were not given the full information they needed in order to make an informed decision about the risks involved. furthermore the, investors were not, for the most part, high net worth investors or sophisticated individuals. Accordingly, this scheme should never have been promoted to them.
If you have invested into Elysian Fuels please contact us immediately for a free no obligation chat.