UK owner protests shutdown of Cambodia biofuel project: receiver says “it’s all fanciful”

In the UK, Gregg Fryett, the chairman of Sustainable Growth Group, is protesting the shutdown and investigation of the company’s £40 million Sipp biofuel project, saying in a letter to regulators at the Serious Fraud Office that ‘I believe the truth will therefore demonstrate that this has not simply been an issue of negligence on your part, but a campaign conducted in bad faith to destroy my business and my reputation, without any regard to the interest of the supposed victims, our investors.  A partner at the receiver company told the UK’s Citywire that ‘Mr Fryett’s letter is full of hyperbole but fails to address the fatal flaw in the group business model. In terms of the structure of his business the firm’s only income is from the sale of purported leases of land in Cambodia…without the sale of further land the group did not own there were no funds available to meet the obligations to investors. The only income comes from the sale of land the client owns, it’s all fanciful.”