A whistle blower at Swiss asset manager GAM Holding AG who alerted UK financial ...
LONDON - A whistle blower at Swiss asset manager GAM Holding AG who alerted UK financial regulators last year did so over concerns about the purchase of more than half a billion pounds of bonds from commodities tycoon Sanjeev Gupta, according to two people familiar with the matter.
But the assets backing the bonds were generators and related equipment installed at a cost of around 22 million pounds, corporate accounts show. Those generators have largely sat idle for two years, according to public company accounts and Ofgem data. Haywood, via a spokesman, said he disputed GAM’s allegations of gross misconduct, is appealing his dismissal to GAM and that he looked forward to clearing his name.The business model behind the bonds was to generate electricity from biodiesel that would qualify for UK government-issued green energy credits, according to company filings. The proceeds from selling the green energy credits would be used to repay the purchaser of the bonds.
GFG named the bond plan Project LRB, or “Little Red Boxes,” a reference to the red-painted steel shipping containers that held the generators, according to one of the people familiar with the matter. These had been installed at its factories in Wales, Scotland and Northern England in 2016 and 2017. Another potential source of revenue for Gupta was the green energy credits, called Renewable Obligation Certificates or ROCs, that the UK government issues to companies that generate power from renewable sources. Gupta’s biodiesel-fuelled power business could have sold these to electricity retailers on the market for about 64 pounds per MWh, according to data from regulator Ofgem.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Netflix is selling additional $2 billion in junk bondsNetflix is returning to the junk-bond market to fund its content expansion as it faces pressure from media giants including Disney, AT&T and Apple.
Leer más »
Pornhub would like to collaborate with Elon Musk on his ‘electric leaf blower’ ideaElon Musk’s got a lot on his plate lately — rockets, tunnels, solar power and, of course, tangling with short-sellers over the fate of Tesla. But if there’s a problem he wants fixed, “P.T. Musk,” as CNBC’s Jim Cramer calls him, tends to answer the call. And make no mistake, loud garden tools are a real problem.
Leer más »
Elon Musk says Tesla will develop a 'quiet electric leaf blower'Tesla's CEO has an idea for extra Tesla parts. Elon Musk says his company is planning to develop an electric leaf blower.
Leer más »
Sri Lanka spice tycoon suspected of helping sons in suicide attacksPolice are holding the father of two Sri Lanka suicide bombers on suspicion of aiding and abetting his sons, as an international investigation continues into the devastating Easter Sunday terror attacks
Leer más »
Sri Lankan spice tycoon’s sons and daughter-in-law were suicide bombers in Easter attacksThe explosions around the country Sunday killed 359 people.
Leer más »