BY OUR BUSINESS STAFF
UK Business Secretary Kwasi Kwarteng was not asked to afford anonymity to the mystery investors said to be willing to plough tens of millions of pounds into controversial businessman Martin Frost's array of companies, a lengthy investigation by Not Just Sheep & Rugby has discovered.
Shareholders in Avocet Natural Capital PLC and Genfro Ltd., both involved in the 'disruptive technology' sector, were told by Mr Frost that the secretive outfit he named as PCH Holdings and their UK representative Tim Carter wanted to protect their business activities from public view.
The initial reference to Mr Kwarteng's alleged involvement in a cover up to benefit PCH was made in a 'newsletter' from ANC chairman Mr Frost on July 29th after posts appeared on the Avocet Shareholders' Forum to the effect that PCH and Carter were both fictional. There is no contact address for PCH and the 'group' does not merit a mention anywhere on the internet, according to critics and doubters.
Mr Frost declared in his message: "The ‘mystery investors’ are known to some of Genfro’s prominent shareholders, its lawyers, but most importantly The Secretary of State for Industry Mr Kwasi Kwarteng who was approached to secure anonymity."
As we reported at the time, just two days later Mr Frost released the text of a letter supposed to have been sent by 'Tim Carter' to Sarah Munby, Permanent Secretary at Mr Kwarteng's Department for Business, Energy & Industrial Strategy (BEIS) with the anonymity request for PCH.
The letter to Ms Munby stated: "Over the last three years, PCH has acted as a guardian angel to controversial Anglo-Irish businessman Martin Frost who promoted Avocet Natural Capital Plc.
"To keep ANC Plc alive & protect its valuable intellectual property PCH is responsible for: Over £2 million pounds of gift life support funding; Liaison with colleagues who control the ownership of the Israeli Leviathan and Tamar gas fields which prompted a $100,000 US dollar offer to ANC’s subsidiary Avocet IP Limited for its old AFS jet fuel from air patents. Due to ANC Plc stupidity, this transaction failed though a reduced-price deal of $30 to $40 million is in the offering."
'Carter' goes on to claim that because of "SNP [Scottish National Party] inspired badness" PCH decided it was wasting resources attempting to support a company focused out of Scotland. PCH thus encouraged Martin Frost and his colleague Dr. Bob Jennings to set up a completely new entity, Genfro Limited.
"For strange reasons of sentiment Frost & Jennings then gave away options for chosen others to obtain Genfro equity at humongous discounts. These gifts and their domino consequence have angered PCH. PCH would like Genfro Limited to be owned by people of like minds to PCH."
Ms Munby was also told: "Presentably, PCH has funded four provisional patents of which one for a non-explosive methanol additive to allow green methanol to become a clean replacement diesel is the most valuable. PCH is about to fund a further 30 more fuel and agricultural patents which should result in Genfro Limited becoming a £200 million IP company.
And according to 'Carter': "Down to ongoing perceived dishonesty infusing Scottish politics along with unjustified and apparently racially motivated SNP hate campaigns, PCH wishes to keep out of the limelight.
"Our understanding is that under UK company law PCH & colleagues can retain anonymity providing we keep our respective overseas shareholdings below the 25% threshold. Please confirm promptly if our understanding is correct: if not I regret PCH will not invest in the UK."
We asked BEIS to tell us whether the Secretary of State had made an order to secure PCH's anonymity. Our initial request for information was directed at the Department's press office, but we were then redirected to the general Enquiry Unit.
Finally, this week the following response was received from BEIS: "Thank you for your emails dated 30 July onwards, to the Enquiry Unit, about matters surrounding investors in Genfro Limited. I have been asked to reply and apologise for the delay in doing so, it has taken time to undertake the comprehensive search of our records required to accurately respond to your enquiry.
"You asked whether the Secretary of State had been approached with a view to securing anonymity for certain investors in the company and, if so, whether such anonymity had been granted. We have searched our records and can confirm that no approach in such terms has been received by the Secretary of State."
The disclosure prompted a strong reaction from a shareholder in the Avocet companies who told us: "While many have long suspected that Frost has continuously misled investors, it is still very shocking for me to see absolute proof of it!
"This means, of course, that the 'mystery investors' do not exist, so the promise of a premium-priced share offer, massive investment, and their eventual purchase of all of Avocet’s IP [intellectual property], is simply all hokum. Misleading the shareholders of a public company is a serious, and could possibly be a criminal, matter."
And the irate shareholder added: "It is now abundantly clear that the shareholder letters Frost sent out in July concerning the request for anonymity were pure works of fiction”.
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