Saturday, 29 November 2014

Celtic Energy and restitution

Private Eye no. 1380 reports that Lord Justice Fulford has rejected an attempt by the Serious Fraud Office to restore charges against directors of Celtic Energy and solicitors and a QC advising the company. The proposed prosecution centred on the sale of freeholds of four opencast sites to British Virgin Islands (BVI) companies, "Oak Regeneration and its subsidiaries, secretly controlled by two Celtic directors, to avoid or reduce the required obligation to restore the sites and to free up cash reserves held by Celtic for that purpose."

"After the sale Celtic's owner Richard Walters and finance director Leighton Humphreys were paid bonuses of £6.9m and £1.7m by a BVI company they owned."

"Celtic continues mining operations at three of the four sites. At two it is believed restoration will take place at no public cost, restoration of the other two sites remains under negotiation."

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