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June 14, 2012
Dominic Bell represented a Company Director who was unanimously acquitted after a trial lasting almost 4 months at Southwark Crown Court today (Operation Tulipbox).
The Director was charged with conspiracy to cheat the public revenue. Her Majesty's Revenue and Customs alleged that the defendants operated an MTIC (Missing Trader) fraud by the artificial trading in European Carbon Credit Allowances (established by the Kyoto Protocol).
It was alleged that she conducted, through her Company, almost £60 million worth of trades in carbon credits over a 6 week period, which was completely bogus.
It was alleged that £38 million had been obtained by the defendants, with the proceeds of the fraud being laundered through accounts in Hong Kong, Australia and New Zealand, ultimately ending up out of reach of the UK authorities in Dubai, UAE.
The jury took less than 3 days to return their unanimous verdicts. 3 other defendants were convicted.
Dominic Bell was instructed by City firm A A Mirsons LLP based in Temple Avenue.