Many expats we encounter face a multitude of challenges with their financial advisors, including high costs, unsuitable investment options, poor guidance, and inadequate communication. Now, frozen funds add another layer of difficulty to their struggles. The slogan of the New Earth Group Funds, “An opportunity to profit from landfill diversion and renewable energy,” unfortunately turned into a significant disappointment for many investors. The collapse of the Premier New Earth Funds resulted in substantial financial losses for numerous individuals who had invested their hard-earned money in good faith.
If you invested in Old Mutual International (formerly Skandia International), Quilter International, Utmost Worldwide, Friends Provident International, Generali International, Royal London 360 (“RL360”), or other life insurer, you may participate in the Group Claim to recover the money you invested in the Portfolio Bond(s)
What exactly was the New Earth Group of Funds?
New Earth Solutions Group Limited (the Group) is an established UK provider of waste treatment facilities and is developing complementary operations in the renewable energy sector. Waste treatment services are provided by New Earth Solutions Facilities Management Limited (New Earth Solutions), whilst New Earth Energy Facilities Management Limited (New Earth Energy) focuses on projects to recover low-carbon renewable energy from waste-derived fuels. Both of these sectors are dynamic, fast-growing, and in need of substantial investment in infrastructure and services.
- New Earth Recycling and Renewables (Infrastructure) plc (“NERR”)
- The Premier Investment Opportunities Fund Protected Cell Company Plc (“PIOF”) and
- The Eclipse Investment Fund Protected Cell Company plc (“Eclipse”)
PIOF ( the ‘Company’) acted as a feeder fund to NERR and the investments of NERR were mainly equity and unsecured loads in the below three UK Trading Companies. As a result, due to losses, only NESGL and NESFM remained which both went into administration. When everything was winded up, the value of said investments was close to zero.
- New Earth Solutions Group Limited ( ‘’NESGL’’)
- The New Earth Solutions Facilities Management Limited (‘’NESFM”)
- New Earth Energy Facilities Management Limited ( ‘’NEEFM’’)
The Premier New Earth Fund is in liquidation. The investment objective of the New Earth Solutions Recycling Facilities Investment Sub-Funds is described as having the aim to ‘’provide long-term growth by investing directly or indirectly in Recycling Facilities in the United Kingdom and in the development of such facilities…for the processing and treatment of waste…and the conversion of waste to energy by any means’’. This information is available on a 2014 factsheet and this is what appealed to certain investors. It also showed a +89.10% net growth of the sterling sub-fund since July 2008. As liquidators were looking at possible recovery plans, it seemed unlikely investors would receive any money back.
These funds were meant for investors with the necessary expertise, knowledge, and experience. This was required in order to fully grasp the risks that they were about to take as they were unregulated collective investment schemes not meant for the retail public. The last subscription to these funds was made in January 2014 and then it went downhill from there and the funds have been suspended since this date. On June 2016 joint liquidators were appointed by the High Court of Justice of the Isle of Man.