Adelaide carbon management company Carbon Planet in administration

Meredith Booth – From: The Advertiser , July 07, 2010 12:31 PM

ADMINISTRATORS have been called in to 10-year-old Adelaide carbon management company Carbon Planet, which has $5 million in debts and about 15 staff.

KordaMentha Adelaide partner Stephen Duncan said directors had called him in to help revive the business with talks “in train” with a potential investor to recapitalise the business as a going concern.

“We’re working through the options on the table to really put the plan in place. We need to make sure we maintain value,” Mr Duncan said.

Dr. Ross Williams

Chief executive Dr Ross Williams and executive director Jim Johnson had contributed more than half of the $15 million invested in the company over recent years, he said.

They have blamed the Federal Government’s decision to abandon the Carbon Pollution Reduction Scheme until 2013 and the global financial crisis for its trading trouble.

“The carbon business was one of the industries worst hit by the Global Financial Crisis, making it very difficult to attract investment capital in the Australian climate change industry generally,” Mr Johnson said.

Mr Duncan said his priority was to investigate Carbon Planet’s position as an originator and trader of carbon credits and as an audit and advisory firm for companies looking to offset and reduce their carbon emissions.

The North Terrace-based business had ambitions to list on the Australian Securities Exchange in 2009 but merger talks with Melbourne-based investor m2m Corporation to create a $117 million public entity broke down late last year.

It also created controversy in September 2009, when it was reportedly swept up in a $100 million trading scandal in Papua New Guinea which led to the removal of the head of the country’s Office of Climate Change.

Advertisements

29 thoughts on “Adelaide carbon management company Carbon Planet in administration

  1. No PNG Carbon Credit schemes are legal – Legal advice to the Department of Conservation. Where does that leave Nupan?

    Conclusion of their report:

    “Papua New Guinea requires extensive legislation to be passed by the Parliament before it can implement any system to commercialise carbon sequestration in the forests.

    Further there is no legal or other basis for the establishment of Carbon Sequestration Schemes in Papua New Guinea such as the Kamula Doso Projects and the April Salumei Projects. Both projects are legally untenable.

    Until the legal regime in Papua New Guinea establishes a foundation for such schemes they are little different to a modern day version of the false prospectus for the Port Breton Colonisation Scheme issued by the Marquis du Reys and circulated through Europe in the late 1870’s8.”

  2. Not only Nupan? Where are the acrimonious Tim, Greenie Cap, Kirk Roberts and all the rest of the Carbon Cowboys?

    Some comments please!

  3. By the way the Port Breton scheme by the Marquis de Rays is a very interesting story of a failed colony, widespread fraud, a smooth-talking conman and sadly the deaths of many gullible settlers. He was selling vast tracts of NI land to Europeans even though he had no legal title. He claimed there was a bustling city there with modern buildings and European-style farms – all back in 1880! Would make a great film.

  4. Oil Palm projects in West Papua – the next great scam against landowners? Can this happen in PNG?

    The Noble Group is to savage 32,000 hectares of forests on the Mooi people’s land in Sorong, West Papua province, following its June 2010 purchase of 51% of shares in PT Henrison Inti Persada, an oil palm subsidiary of the notoriously criminal Kayu Lapis Indonesia Group (KLI).

    Analysts have estimated that PT Henrison Inti Persada will be worth $162 million once developed, so the smart executives in Noble Group’s Hong Kong offices can keep themselves in expensive cars and caviar into the future. Very nice indeed.

    But not so nice for the local landowners, who have been dealing with KLI Group and its military and police supporters for decades. Local Mooi tribe landowners within the area Noble Group now owns have told NGO investigators how they have received a pittance from KLI group for their forests – as little as $2.50 per hectare, and “promises” of riches beyond their wildest dreams. (well, actually, some decent houses and education for their kids was all they wanted, but that has not materialized.) At these prices, Papuan landowners will get roughly $80,000 in cash compensation for the 32,000 hectares of land released for Noble’s business. They might get some schools and houses, but who knows?

    http://papuaforesteye.blogspot.com/2010/07/noble-savages-papuas-forests.html

  5. Hello Peter , Paul and Dick Head.
    It funny how you 3 appear when you have something to cut and paste.
    The said NEC desission 55/2010 was executed by Wari Iamo and Chaired by Puka Temu without discussion or proper quoram , similar to the Enviroment Amendment.
    The O’Brien comment to the CCBA is purely to try and stop VCS carbontrading bringing money back to the projects people and the PNG tax office.
    O’Briens Interlectural property rights document simply saids , that 1 there is no policy and argues carbon rights, that this project is to premature for PNG, and then goes on to say that the people do not own their land and 97% of PNG land is alienated.
    The world knows that Wari Iamo works for Asian loggers and his interests are not the best for the people and PNG.

    Other comments to the projects first submission are forged letters manipulated by asians, as blogged O”Brien is using reference before Interpendence.
    Reasons for Wari Iamos actions.
    Conrad , Wari Iamo, Betha think that PNG will receive billions fron the UNFCCC which means they hope they will be able to grab a big slice.
    They have a UNFCCC condition for money when they can pay-per-results-plan, meaning aquire or steal , take control of the forest areas.

    1. Ahhh Greenie Cap…. always so angry and obnoxious. I just read the Obrien’s legal advice and Steven O’brien obviously hasn’t given an independent assessment. He has produced the report Dr Warri Iamo has asked for. The legal argument has been constructed around a preconceived outcome.

      Greenie Cap you are right Steven O’brien seems to say landowners have the right to form an ILG but the ILG will only be able to engage in commercial activities as the governmetn sees fit (at the moment restricted to logging or mineral extraction). He actually goes one step further and seems to say ILGs are worthless because ultimate power lies within the individual.

      It is a fact the UNFCCC does have billions to give and the government of PNG and landowners could all benefit from this. Personally I think PNG should be going down both routes. Give landowners a chance to test the voluntary market now. Those that want to be more cautious can wait to see what eventuates on the UNFCCC / compliance market in a few years.

      1. The State does not have any authority of ILG property in PNG, Wari Iamo or the State will not be able to steal (or borrow) the peoples forests.

        If the UNFCCC has billions then which pledged country can pay or has paid, anything for that fact.
        Just a quick one, have you read this weeks Norway economist reports, so you can say good bye to their big pedge, hows Germany going anyone know?.
        You are totally wrong DH, do you know the results of the last 2 invite only behind close door UNFCCC meetings in the last month, , still the same ‘nobody can agree to disagree” the reason is that REDD+ is a ‘land grab’

  6. More from todays SMH –

    AAP

    Two carbon trade projects proposed for Papua New Guinea have been hammered by critics who list a litany of inconsistencies, dubious science, legal issues and concerns landowners will be ripped off.

    PNG’s pilot Reducing Emissions from Deforestation and Forest Degradation’ (REDD) schemes, which are part of the United Nation’s framework for tackling climate change, are in the Kamula Doso forest, Western Province and April Salumei, East Sepik Province.

    But documents obtained by AAP show the PNG government does not support the REDD projects and there is a scathing reaction to the Project Development Documents (PDD) that were submitted in July for verification and approval from the Climate, Community and Biodiversity Alliance (CCBA) regulator.

    Two carbon trade projects proposed for Papua New Guinea have been hammered by critics who list a litany of inconsistencies, dubious science, legal issues and concerns landowners will be ripped off.

    PNG’s pilot Reducing Emissions from Deforestation and Forest Degradation’ (REDD) schemes, which are part of the United Nation’s framework for tackling climate change, are in the Kamula Doso forest, Western Province and April Salumei, East Sepik Province.

    But documents obtained by AAP show the PNG government does not support the REDD projects and there is a scathing reaction to the Project Development Documents (PDD) that were submitted in July for verification and approval from the Climate, Community and Biodiversity Alliance (CCBA) regulator.
    Advertisement: Story continues below

    The Kamula Doso venture is led by Nupan, a company run by controversial Australian businessman Kirk Roberts, a former disqualified horse trainer who also ran a Philippines cockfighting business.

    Mr Roberts, who is a self-proclaimed “carbon kingpin”, has travelled extensively across PNG promising landowners if they stop logging their forests, millions – and potentially billions – of dollars will come via his carbon trade projects.

    The April Salumei project is run by the Rainforest Management Alliance (RMA), which did not respond to emailed questions regarding their plans or who they were exactly.

    No phone number is listed on RMA’s website.

    Stephen Hooper is the only name on the RMA site that also lists a connection to Earth Sky, an Australian company previously embroiled in PNG carbon trade scandals and operated by Queensland boilermaker Greg Corby.

    The submitted comments to the CCBA show PNG’s Office of Climate Change and Development Executive Director Wari Iamo is dead against both REDD proposals.

    “The PNG government does not recognise and disavows any partnership, support, endorsement or any form of connection to the proposed projects,” he wrote.

    Dr Iamo includes legal advice from O’Brien lawyers which equates both schemes to an infamous Pacific land scam from the 19th century.

    O’Brien states: “PNG requires extensive legislation to be passed by the parliament before it can implement any system to commercialise carbon sequestration.

    “Both projects are legally untenable.

    “Until the legal regime in PNG establishes a foundation for such schemes they are little different to a modern day version of the false prospectus for the Port Breton Colonisation Scheme issued by the Marquis du Reys and circulated through Europe in the late 1870s.”

    World Wide Fund for Nature’s Matt Leggett raised concerns that communities within the project areas would suffer.

    “The level of community consultation and understanding of the project in the region is insufficient to guarantee the project has ensured free, prior and informed consent of landowners,” he wrote.

    “The proposal does not adequately recognise or account for existing disputes over land tenure and landowner company representation in the region.”

    Forest carbon scientist, Sunil Sharma, who worked for Carbon Planet, the Adelaide-based company that recently went bankrupt after investing more than $1 million with Nupan, is also against the April Salumei plan.

    “The threat to the forest in the Project Area is not convincing and the PDD contradicts itself.”

    The only support comes from Theo Yasause, the former head of PNG’s climate change office, suspended and under investigation into his dealings with Mr Roberts, including falsely signing carbon deals for Nupan.

    “April Salumei will deliver and open the eyes as the vehicle for future development,” he writes.

    © 2010 AAP

  7. Emmanuel, Nupan ceased sub contracting Carbon Planet for many commercial and scientific reasons , you may like to look at http://www.carbonowontok.org and you can read the the termination letter.
    Also you will notice m2m has also not been able to service its role to Nupan ,and for that reason m2m has also been terminated.
    The Boss is busy managing the finishing touches to the projects process and is preparing 3 other projects for PNG as well as several projects in 2 other countries.
    Wari Iamo’s comments through OBrien has been struct off as other fraudulent comments , including Bob Danaya claiming to be a land owner of Kamula Doso, a fraudlent statement from a Governor, do think this is normal in PNG?
    Wari Iamo position will also be terminated very soon.

    In all the Boss is very happy with the results of the process and how the comments were delivered from PNG and from whom, because he had writtened and warned the verfiers of excatley what would accure next as what has,,, this has supported that ‘all’ projects in PNG must simply be company to company corporate consignments , of origination to sales of credits.

    It is a shame that the truth of PNG being a ‘basket case’ is being revield through this process.

    It is also a shame that AAP and Illya support logging in PNG.

    1. Illya is it true that you wrote and continue to write stories from information of a ex employee of the boss’s ,, a Sydney Lawyer David John Leamey who stole property and project money from the PNG projects and was sacked because of his criminal actions and unreliability.

      Is this the person you have based your supposed scandle stories.

      also did you win an award from this information of fiction?

  8. But this is still on the carbonWontok website –

    NUPAN AND M2M RELATIONSHIP FINALIZED
    Date: 30 Jun 2010 Comments: 1
    Nupan announced today that the partial funding facility provided by m2m
    corporation limited had been finalized, with Nupan left ready to complete
    the first two Projects. From 5 PM today, m2m will only have a passive, non-
    commercial relationship.
    Mr. Kirk Roberts announced that due to the tremendous interest shown
    by overseas companies in saving the rain forests in PNG, and helping the
    Landowners and people realize their ambitions to trade carbon instead of
    logging, it would now be possible to look at developing multiple projects
    simultaneously.
    One such company is run by Brian P de Thorpe Millard, President and CEO
    of GTE Sustainable Energy Inc., USA and founder of the Global Tan Energy
    group of companies http://www.gteglobal.org with offices in Boston, USA; London,
    United Kingdom; Paris, France and Izmir, Turkey.
    It is expected that the scientific verifiers will again be in PNG at Nupan’s
    Project sites to complete the work required for the CCBA mid July. The VCS
    work will complete soon after. This will give Nupan the first dual verified
    Carbon Trading project for tropical rain forests under the VCS and CCBA
    protocols in the world.

  9. Could it be correct that David John Leamey and Illya Gridneff be the major ‘reasons’ of Carbon Planets woe’s?

    Information and evidence is showing a it could be a clear possibility.

    Carbon Planet and its ‘administrator’ would definatley be considering these antics as a contributor.

      1. Emmanuel just spoke to the Boss , and he said what a stupid comment only and idiot would say something like that.
        Stop being a good sort, and the answer is in his and my opinion “yes” without a doubt.

      2. Greenie Cap, I think Carbon Planet went down more so because this is a new industry and because it is hard to quantify something as huge as the carbon content in every single type of living and non-living entity within a specified geographic location. Sure you may claim that you and your boss have the technology and the know how to do it, but again there is no accepted standard or history to be able to prove conclusively ones scientific findings for such matters.

        Therefore if you can’t measure it, then you’re going to have a hard time managing it….

  10. Pissing $1.2 million up against the wall by giving it to Nupan with nothing to show for it once the money was gone certainly didn’t help their financial situation!

  11. Emmanuel , the methodology formulates the measurements the PDD is then measured this is then calculated .

    Do your self a favour , stick to making cheap websites, which you understand.

    The boss for your information is a true leader and manager he teaches scientists to explore and ‘invent’ to use their talents to take the next step, he has always keeped away from the run of the mill ‘cut and paste’ imposters,unfortunlatley this was another reason to add to Carbon Planets faliure.
    However in my view,
    The over all incorrect and sensational journolisim most certainly hurt Carbon Planet and PNG , and what was reported was very incorrect at vital stages of their business , this should be challenged and the idiot journo and his informer should be heald accountable.It is unquestioable that this ‘scandle’ nonsence slowed the process as did the false and fraudulent comments to the standards.
    But all has been refuted and the Boss is back on top and in control.
    The standards and their DOE’s respect Nupan efforts and originalisim for perfecting the structue of a ‘tenuable instrument’ to pay a country and its people to preserve their forests for the sake of PNG and the planet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s