Wednesday 17 July 2019

Revenue moves to have carbon credit trading firm wound up

Ciaran Kelly ceo of Celestial Green Ventures
Ciaran Kelly ceo of Celestial Green Ventures
John Mulligan

John Mulligan

The Revenue Commissioners is seeking to have Dublin-based carbon credit trading firm Celestial Green Ventures wound up.

The firm, which is headed by chief executive Ciaran Kelly, bills itself as being involved in rainforest preservation in Brazil. By preventing deforestation, it generates "carbon benefits" which can then be sold on the voluntary carbon market to entities that want to reduce or offset their emissions.

In 2013, the company reported a pre-tax profit of €1.6m, following a €1m loss a year earlier. Its revenue climbed to €2.9m from zero the year before.

The Collector General has just submitted a petition to the High Court to have Celestial Green Ventures wound up, however. The petition is due to be heard on April 4.

Celestial Green Ventures moved to a larger premises in Dublin in 2012 and announced plans at the time to hire 30 staff. The telephone number at the office was not operating yesterday, while efforts to contact the office and Mr Kelly by email were unsuccessful.

Irish Independent

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