investor rescue logo has been at the forefront of this investigation for over a year now, despite having no mandate to act, we have worked the case on a speculative basis believing that our capabilities would be needed at some point in the future. During this time we have carried out a very detailed and time consuming review of the proceedings involving Tony Blakey and the Ultra Green Group (UGG).'s primary concern is that the current fraud investigation is too limited and should have been extended to a wider investigation of the entire business and Blakey’s actions going back over many years.


There is already an action group in place with whom we have had direct contact but they continue to avoid widening the scope of investigations despite our informing them that the entire investment proposal is now being marketed in the USA by one of the former UGG board members. This is a highly flagrant act of fraud which needs urgent attention to protect UGG investors. The issues coming out of this case are  growing by the day and are increasingly alarming in nature. We have strong doubts as to the impartiality of the current action group management as It does not appear that the best interests of the investors are being met. Whilst not definitive, some of the queries we have raised are as follows:


The loan arrangements are a primary focus, we are worried that the link between Copex and AIK renders the investors case invalid at Tax Tribunal. This means any tax rebates will fail. Even if the tribunal is won, no computations have been provided to investors explaining how much they would gain compared to the costs of the legal procedure.


The loans involving Copex, AIK and ESS are connected with the first two being part of the same company based in Germany and connected with Blakey beyond UGG into previous businesses he ran in the Film Financing world. The fact that these loans are being switched at key times is exceptionally suspicious and the existence of ESS in a highly secretive account in Mauritius, where AIK is located, only serves to increase the concerns. We do not appear to have any indication as to how and when the loans will be called in and this may well be a significant negative factor for investors in the months and years to come. No work has been carried out to ascertain the extent of the links between the two parties, nor to look into who, specifically, is behind ESS in Mauritius. The possibility exists that investor moneys may have been deposited in a secretive account in Mauritius and are now being loaned back to investors.


It is not clear what the value of investor assets is at this present time. S4 Financial carried out a review of the Intellectual Property and have been instrumental in the setting up of the ‘Boundless Horizons’ business to take forward business development on a select number of green projects. Shares in this new venture have been offered but not everyone has taken this up and we are not sure that all the investors have received full value here in that they should have had some shares in the new venture with those contributing more funds receiving additional rights. The transactions don’t appear to be all that transparent and S4 Financial appears to be a primary beneficiary of this entity. We believe a more detailed Asset Tracing and Recovery process is required. Boundless Horizons is a step in the right direction but we are yet to be convinced that it goes anywhere near far enough, nor are we convinced that Intellectual Property for which investment funds were diverted to, was ever truly licensed to UGG or if any aspects of this constitute further fraud or mismanagement.


There are supposed to be options to purchase land in Brazil which, at present land values, would represent a significant profit for investors. At this time the management team appear not to know  how to effect these transactions. It is not clear where the land is or whether the options are exercisable and if not, why not. The entire asset base is currently being marketed for investment in the USA by a former senior Director of UGG. This suggests some form of conspiracy to defraud investors is taking place, there are distinct elements here which bear all the hallmarks of a sophisticated ‘Boiler Room’ style fraud.


There is a prima facie case for looking at the management controls in place, the degree to which Blakey controlled the business and the way in which the investment was originally marketed to investors. Someone should be looking at this from the investor’s viewpoint and establishing if the investors have any legitimate basis upon which claims can be made. It concerns us that interim management seem incapable of considering any wider actions beyond the scope of their very limited terms of reference.


We are interested in the HMRC tribunal and what the prospects for victory are. Investors seem set on a course with no means to step off. We don’t appear to know what effect the transfer of loans from one entity to the other has on the case, nor any pro-active attempt to establish proof that the purported exploitation of the Intellectual Property was carried out on a commercial basis. Everything is cloaked in secrecy with a lack of quality intelligence which would allow investors to make informed decisions. We are interested in the dynamics of the interim team and the external interests of a connected Climate Finance business. There is widespread potential for conflicts of interest here. There is very little transparency and we have deep concerns albeit no concrete issues which would prove it. It just smells wrong!

ETM / Ultragreen Group / Tony Blakey

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