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Green Oil Plantations Ltd
eleden
Posts: 12 Forumite
Hi can anyone shed any light on the above company in administration, people invested mainly via SIPP providers.
Insurance was to be in place for investors, and this is how the product was sold to investors, but not the case now,and difficult to get any answers from the company that was selling the investments.
Insurance was to be in place for investors, and this is how the product was sold to investors, but not the case now,and difficult to get any answers from the company that was selling the investments.
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Contact the administrators?
My heart sank when I saw the thread title. Do IFAs put people into these unregulated schemes? Or do investors think that anything you can buy in a SIPP must be safe?"Things are never so bad they can't be made worse" - Humphrey Bogart0 -
Hi Red Buzzard,
Thanks for reply, will try them in morning
Just had a call from the company that sold me the product,they can't give me an answer on the insurance cover that was produced on their own literature, iam awaiting some reports from them.
I understand 24m invested from uk, see how my merry go round, goes tomorrow0 -
If they were unregulated, they probably lied about insurance cover.
who recommended this product to you? Was it a cold call?
There are legitimate companies in the far east/indonesia that produce and trade in commodities like Palm Oil. but may not be traded on the London exchange. Hong Kong or indonesia maybe.0 -
Our research into Green Oil as an investment suggests it is about as close to a scam as an investment is possible to be, without being outright illegal.
http://www.icl-ifa.co.uk/2011/11/green-oil-good-investment/
Tho' I suppose it's a bit late to say that now.0 -
Hi Red Buzzard,
Thanks for reply, will try them in morning
Didn't mean to sound unsympathetic, sorry. Bear in mind when you speak to the administrators or their representatives that they should, i.e. have a duty to, be looking to the interests of creditors.
I have come across administrators' and receivers' site managers who have been very offhand, or appeared to have gone native, when I have spoken to them on behalf of a creditor. A call to the named administrator may get a better attitude if that happens. The named administrators are Simon Kirkhope and Chad Griffin of FTI Consulting. They are both listed as Managing Directors and they will know their responsibilities.Just had a call from the company that sold me the product,they can't give me an answer on the insurance cover that was produced on their own literature, iam awaiting some reports from them.
Again try not to be brushed off. If it's a proper firm with any sort of reputation to worry about (unlikely but possible), go to the top.
Good luck."Things are never so bad they can't be made worse" - Humphrey Bogart0 -
Hi Atush,the company that sold the product is called TailorMade in warrington,so as not to be confused with anyone else, i had 2 pensions with company NPI they informed me, no bonuses had been paid for 11 years and to have them transferred, and the best place was these sipps0
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Hi Antrobus,Our research into Green Oil as an investment suggests it is about as close to a scam as an investment is possible to be, without being outright illegal.
Tho' I suppose it's a bit late to say that now.
this bit is a little encouraging, taken from your post
If an UK regulated independent financial adviser (IFA) made the recommendation to invest in one of these unregulated investments, their advice is however subject to UK regulations and you may have a valid claim against that adviser for unsuitable advice.0 -
a scam
- to be honest, and this is controversial, it's a joke that you can "have a claim" for it - cos it means we all foot the bill for your poorly researched (or unresearched) decision.0 -
yes no worries,redbuzzard wrote: »Didn't mean to sound unsympathetic, sorry. Bear in mind when you speak to the administrators or their representatives that they should, i.e. have a duty to, be looking to the interests of creditors.
I have come across administrators' and receivers' site managers who have been very offhand, or appeared to have gone native, when I have spoken to them on behalf of a creditor. A call to the named administrator may get a better attitude if that happens. The named administrators are Simon Kirkhope and Chad Griffin of FTI Consulting. They are both listed as Managing Directors and they will know their responsibilities.
Again try not to be brushed off. If it's a proper firm with any sort of reputation to worry about (unlikely but possible), go to the top.
Good luck.
sometimes you just need a few other peoples view on things as your head just spins,
i considered i had looked at the cons of the investment and with the insurance in place the capital part of the investment was safe.
the bits i didn't check was that they had actually taken the insurance the literature claimed it had done0 -
far from it, i understand where your coming from, but remember the uk banks that were bailed out, all the research that is done, you only know how good it is when something is wrong, and when iam shown the literature that states the insurance, yes all be it the IFA company that is selling the product, that is 1 box tickeda scam
- to be honest, and this is controversial, it's a joke that you can "have a claim" for it - cos it means we all foot the bill for your poorly researched (or unresearched) decision.0
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