THREE former company directors are set to face trail accused of defrauding investors who lost millions of pounds.
The Bournemouth based company, Ethical Forestry Ltd, sold investments into tree plantations in Costa Rica however, it is alleged it did not own all of the sold assets.
Former directors, Stephen Greenaway, 47 and of Poole, Paul Laver, 47 and of West Parley, and Matthew Pickard, 54 and of Lytchett Matravers, are charged with conspiracy to commit fraud by false representation and fraudulent trading.
They all pleaded not guilty to the offences, and are set to stand trail at Southwark Crown Court on February 2, 2026.
The trial is listed for three to four months.
Ethical Forestry Ltd collapsed in 2015, prompting an investigation by the Serious Fraud Office into an alleged fraudulent tree-based investment scheme.
It was previously reported that the business attracted around 3,500 investors who allegedly thought they were buying tree and cropping rights in Costa Rica.
The business reportedly set up an unregulated scheme to own trees on the plantation.
It was said that investments were made to Ethical Forestry by transferring their occupational pensions into self-invested personal pensions (SIPPs).
Despite shutting the business 10 years ago, a recent report shows that four related companies still owe creditors more than £26.4million.
Ethical Forestry Ltd owe the most, alongside Ethical Forestry (Holdings) Ltd, EF Forestry Management Ltd and EF Sales & Marketing Ltd.
Joint liquidators, Shane Biddlecombe, said in a progress report this year that the Financial Services Compensation Scheme stepped in and paid a total of about £50.7 million to help around 2,181 of the investors.
The report said that between December, 16, 2023 and December, 15, 2024, just £273.14 was received in payments.
The liquidators are now looking to regain control of the Ethical Forestry group in Costa Rica and injunctive proceedings had been issued.
It was said a hearing has been scheduled within the next period of December 2024 to December 2025.
Greenaway, Laver and Pickard were disqualified from acting as directors by the Insolvency Service in 2019.
Ethical Forestry operated from the Ocean building at 80 Holdenhurst Road, Bournemouth, and were based on the ninth floor.
