A financial services company that provides a new system to help fund the production and purchase of sustainable aviation fuel claims a firm engaged by it to provide bank account services transferred $2.6 million (\u20ac2.2million) on foot of \u201cplainly false and fraudulent instructions\u201d to unknown recipients. <\/p>\n
Dublin-based Future Energy Capital (FEC) Ltd is suing Co Clare-registered Vistra Corporate Services (Ireland) Ltd in proceedings that were admitted to the Commercial Court list on Monday.<\/p>\n
Sustainable Aviation Fuels (SAFs) are produced from biological origins, such as plants and animal wastes, or other wastes and residues, and through an emerging \u201ceSAF\u201d process, which means it is engineered using captured carbon and green hydrogen.<\/p>\n
They can be blended up to 50 per cent with conventional aviation fuel and are compatible with existing aircraft and infrastructure. They are cleaner that traditional fuels, meaning lower carbon dioxide emissions.<\/p>\n
FEC was set up in 2023 and works by connecting people and companies that invest in SAF, those who produce it and those who buy it. <\/p>\n
FEC\u2019s action against Vistra was admitted to the fast-track Commercial Court on Monday on consent between the parties by Judge Rory Mulcahy, who adjourned it to later this year. <\/p>\n
In an affidavit seeking entry of the case to the commercial list, FEC director Natasha Mann said the company had brought together 10 leading firms to take part in a pilot programme involving multiple airlines using a system known as \u201cbook and claim\u201d. <\/p>\n
This means an airline does not need physically to use SAF in its own aircraft. Alternatively, the SAF is added to the fuel supply somewhere in the network and the environmental benefit is recorded and transferred to the purchasing company through a secure registry. <\/p>\n
In November 2023, Mann said, FEC engaged Vistra to provide certain administration services, including bank transfers. <\/p>\n
She said that between October 17th and 22nd last year the defendant, without confirming first with FEC, acted upon \u201cplainly false and fraudulent instructions from an unidentified third party to transfer moneys out the plaintiff\u2019s [FEC\u2019s] bank account\u201d. <\/p>\n
A total of $2,627,120 was transferred and has not been recovered with the exception of $131,000, she said.<\/p>\n
Mann said the defendant must indemnify FEC from all losses flowing from the transfer. FEC claims breach of contract and seeks damages.<\/p>\n
FEC has also contacted garda\u00ed, who requested a formal statement from someone in the company. A formal recall of the funds was also made to the bank involved. <\/p>\n
The defendant denies negligence or any liability for the transfers. It said that any breach occurred in FEC\u2019s \u201cenvironment\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"A financial services company that provides a new system to help fund the production and purchase of sustainable…\n","protected":false},"author":2,"featured_media":408883,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,15469,615,73,61,60],"class_list":{"0":"post-408882","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-clare","10":"tag-dublin","11":"tag-high-court","12":"tag-ie","13":"tag-ireland"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/408882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=408882"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/408882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/408883"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=408882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=408882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=408882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}