Carbon Offset Developer C-Quest Capital Reports Wrongdoings & Over-Issuing Millions of Carbon Credits by ex-CEO Ken Newcombe to United States Authorities, Fired Senior Executives & Staff
5th July 2024 | Hong Kong
Carbon offset developer C-Quest Capital has reported wrongdoings & over-issuing millions of carbon credits by ex-CEO Ken Newcombe to the United States authorities, and fired senior executives & staff. C-Quest Capital (24/6/24): “C-Quest Capital LLC (“C-Quest” or the “Company”), a global carbon project developer with a mission of empowering rural communities to address climate change and drive sustainable development, today announced that it uncovered wrongdoing by its former Chief Executive Officer, Kenneth Newcombe, which resulted in the over-issuance of millions of carbon credits to the Company in connection with its clean cooking programs registered with the carbon credit registry Verra. C-Quest’s new leadership team voluntarily reported the wrongdoing to U.S. federal law enforcement, regulators, and Verra. Voluntary Reporting of Wrongdoing to U.S. Authorities and Over-Crediting to Verra – C-Quest’s new leadership team voluntarily reported the review’s findings to U.S. federal law enforcement, regulators, and Verra. C-Quest expects Verra to launch its own independent review of the matter soon, and will work constructively with the registry to facilitate the cancellation of millions of credits that C-Quest believes were over-issued. In the interim, C-Quest has transferred credits assumed to be affected to separate accounts, which will enable the Company to cancel or retire any affected credits for no compensation upon the completion of Verra’s review. C-Quest’s new leadership team has also voluntarily suspended the sale of issued credits from its affected cookstove projects. To seek to ensure the over-crediting does not impact any C-Quest customers, the Company will be making all necessary credit cancellations from inventory. C-Quest believes that all credits that customers have purchased from C-Quest are validly issued, verified credits that represent the appropriate carbon savings from cookstove installations in rural households.”
“ Carbon Offset Developer C-Quest Capital Reports Wrongdoings & Over-Issuing Millions of Carbon Credits by ex-CEO Ken Newcombe to United States Authorities, Fired Senior Executives & Staff “
About C-Quest Capital – C-Quest Capital is a carbon project developer with a mission of empowering rural communities to address climate change and drive sustainable development. We are committed to catalyzing a sustained transition to a climate resilient future for communities whose well-being are most at risk from climate change. Our ambition is to use carbon finance to achieve a long-term transition to more sustainable alternatives at scale … … In early 2024, a Special Committee of non-executive directors of C-Quest’s Board of Directors commissioned a global law firm to conduct a review of C-Quest’s operations and help inform potential corrective actions. This review uncovered issues with the Company’s operations that resulted from Mr. Newcombe’s wrongdoing. As part of its remedial measures, C-Quest appointed Jules Kortenhorst as CEO in early February 2024. Mr. Kortenhorst has served as a director of C-Quest since 2023 and is a member of the Special Committee. Mr. Kortenhorst recognized the opportunity to transform the business and drive improvements across the industry. He is the former CEO of RMI and the European Climate Foundation and a recognized leader on global energy issues and climate change. The Company has also appointed a new Chief Operating Officer, Chief Transformation Officer, General Counsel, and Director of Compliance.
Carbon Offset Developer C-Quest Capital Reports Wrongdoings & Over-Issuing Millions of Carbon Credits by ex-CEO Ken Newcombe to United States Authorities, Fired Senior Executives & Staff
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