by OUR LEAK INQUIRY STAFF
A wide ranging leak inquiry in the United States and the UK has concluded that more than 21 per cent of shareholders in the secretive Gennfros businesses may have breached regulations by forwarding confidential information about the company to others.
Gennfros was set up last year as a successor to the controversial Avocet group headed by directors Martin Frost and Dr Bob Jennings. One of the main aims of the new set up - Frost and Jennings are life presidents on £24,000 a year - was to end so-called damaging leaks by investors who were sharing shareholder letters with 'outsiders'.
In a recent move a company previously called Avocet NC Ltd changed its name to Gennfros Trading with Lancashire accountant Paul Charles Newsham identified as executive director.
But it is clear that Gennfros, which plans to take forward the 'revolutionary' green fuel previously under Avocet's control for six years has already been hit by unauthorised disclosures of company information. According to one observer "When you read the outcome of the internal inquiry it seems Gennfros is leaking like a sieve".
Two separate newsletters from Gennfros which have been seen by our team describe the crackdown on alleged breaches of Non Disclosure Agreements [NDAs] using sophisticated tracking technology. A total of eight 'offenders' have been identified so far.
A Gennfros communication to its 290 shareholders dated February 2nd gave notice of the inquiry.
It stated: "You are aware that this email is sent to you from Pennsylvania State, USA. Those of you who are lawfully in receipt of this newsletter are bound by the Articles of Association of Gennfros Ltd which contain a specific NDA. You are aware that a NDA is a legally binding contract that establishes a confidential relationship.
"The new investors into Gennfros Ltd (who command some of the world's best tracking mechanisms) are appalled that no Gennfros shareholder has sought permission from Mrs Eirlys Lloyd [the Gennfros and Avocet company secretary] prior to copying on or passing on of confidential information shared between Gennfros and you.
"Even more upsetting is that some Gennfros shareholders have seen fit to share private Gennfros information with those who are apparently plotting to cause harm to Gennfros. Gennfros's new investors insist that Gennfros takes an extremely hard line over these NDA breaches".
The newsletter then called on all lawful recipients of the correspondence to write to Archie Gardner (a director of Avocet subsidiary Avocet Fuel Ltd) by 5 pm UK time on February 10th delineating all those with whom they shared an electronic or paper copy of Gennfros information.
There was also a warning: "Failure by a shareholder to provide a comprehensive list which matches the tracking will oblige Gennfros to suspend the share ownership of their Gennfros shares. For the avoidance of doubt, those Gennfros shareholders who have knowingly passed on Gennfros confidential information to conspirators or acolytes of Aileen Orr (member of a Berwickshire farming family) will immediately lose their Gennfros share entitlement.
"Finally our new investors are adamant that those Gennfros shareholders who knowingly have done wrong with intent to cause Gennfros harm must be sued to the limits of both civil and criminal law".
The swift results from the investigation are included in a subsequent letter dated February 8th with executive director Mr Newsham named at the top of the page. Mention is also made of a shareholder visiting the proposed Gennfros research and development centre in Lancashire, and meeting with Mr Newsham.
The Gennfros message reveals: "Our overseas trackers (coordinated from the USA) identified some 62 shareholders who had possibly shared shareholder communications without first obtaining permission from Mrs Lloyd.
"From this 62 no less than eight are found to be in breach of Gennfros's Articles of Association. While awaiting further investigation six of the eight have had their newsletter access suspended; two of the eight are ejected from membership of Gennfros.
"Gennfros's overseas trackers identified [a] unlawful information routes over which Gennfros confidential information passed, and [b] the authorship of the anonymous (out of the bogus Avocet forum) who are found to be stool pigeons associated with Mrs Aileen Orr (a lady who apparently seeks Gennfros's destruction).
"Gennfros's intention is to share its progress openly with shareholders, so once Gennfros is cleansed of ill-wishers, all will be advised of a new secure shareholder interface".
Meanwhile the 650 individuals and businesses with a stake in Avocet Natural Capital - former parent of the Avocet group but which its directors say will be dissolved - wait to hear the fate of their combined investments running into many millions of pounds. The ANC accounts for 2019 should have been lodged at Companies House by December 28th 2020. But a notice on the website simply says 'Accounts overdue'.
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