Assets turn to muck for company
An energy company, whose founder claimed he could turn sewage into electricity, has finally met its demise, eight years after it was banned for selling shares without a prospectus.
The liquidation of the company Ira NRG has left everyone involved – even the liquidator – out of pocket.
Ira NRG was founded in March 2010 by Simon Romana, also known as
Hai and Haimana, who claimed he could turn sewage into electricity through a process called gasification.
He had previously founded a company in North America, First NRG, under the same premise. A
Listener article in 2006 said he gained support from a wide range of people, including former Washington DC mayor Marion Barry.
Ira NRG had a short life, being banned in December that year by the Securities Commission after it asked for investment money without a prospectus.
But the ban came into effect after more than 200 investors poured money into the company. One investor spoken to by Stuff estimated the company pulled in at least $1 million from investors.
The investment money appears to have done little for the company, which was placed into liquidation in 2011.
That liquidation ended in late August, with liquidator Clive Johnson writing in his final report that no funds were realised during the process.
That means no-one – not even Johnson – was paid any money.
The reports note Johnson was unable to get in touch with Romana to discuss the company’s affairs, but he did write in his first report that Romana used salespeople paid on commission to attract investors. Despite this, there was no other income stream apart from the investments.
In his final report, Johnson said some funds were used for company business, ‘‘but also for personal expenditure’’.
Romana left New Zealand after Ira NRG went into liquidation, Johnson wrote.
Romana, who has criminal convictions for assault and fraud, ended up painting at an art school for people with mental health problems in Winnipeg, Canada.
But it appears he has not abandoned his technology plans. He recently posted a video on his Youtube channel touting ‘‘no ignition technology’’.
The video contains little explanation about the technology. Instead, it shows off a ‘‘no ignition plant’’ while an instrumental rock track plays in the background.