Posts Tagged ‘emissions trading’

Anti-fraud investigators swoop on EU emissions traders

Monday, May 3rd, 2010

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EUOBSERVER / BRUSSELS – Traders involved in Europe’s flagship climate change programme, the Emissions Trading System – some of whom work at Germany’s biggest banks and energy firms – were the focus of a series of raids and arrests by British and German prosecutors in part of a massive pan-European crackdown on CO2-credit VAT fraud.

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Fraud at the heart of the ETS has hurt the reputation of the EU’s flagship climate programme (Photo: EUobserver.com)

A total of 25 people were arrested amid a blitz by authorities on hundreds of company offices in the two countries, including Deutsche Bank and energy firm RWE, in a case involving the theft of an estimated €180 miillion from government coffers. (more…)