2 Jun 2009

British backing for NZ company in emissions deal

8:39 pm on 2 June 2009

A British-based company is behind the mystery New Zealand firm involved in the biggest-ever purchase of carbon emissions credits, it has been revealed.

It is backing Tawhaki International, one of three organisations involved in the deal.

Recession-hit Ukraine is selling $US3.5 billion ($NZ5.6 billion) worth of emissions credits to the Japanese bank Nomura and a Swiss firm as well as the New Zealand group.

The Auckland office of law company Buddle Findlay has confirmed it acts for Tawhaki International, which is registered as a Limited Partnership rather than an actual company.

This has lower liability levels and fewer disclosure requirements than a regular company.

Tawhaki International is dominated by British-based firm, Omke Minerals. No other partners are, or have to be, named.

Few facts are available, but carbon experts in New Zealand believe the Ukranian credits are being bought cheap during the current recession and will be sold when the recession ends.