The Sunday Post (Newcastle)

Businesswo­man behind £7bn cannabis farm struck off over Scottish land deal

An executive seeking investors for Europe’s largest medical cannabis facility was struck off for her role in a land deal linked to Scotland’s biggest fraud probe, we reveal today.

- By Russell Blackstock rblackstoc­k@sundaypost.com

The chief executive of a company seeking investors for Europe’s biggest medical cannabis farm was once struck off for her part in a £6 million Scottish land sale.

Minette Compson was barred from working in Gibraltar’s financial services industry following an investigat­ion into the deal near Glasgow.

Ms Compson, who was also the corporate governance director of an investment firm before it crashed owing £42m, and her Scots business partner Paul Segal have set up Symtomax Group, which says it intends to build Europe’s biggest outdoor medical cannabis farm in Portugal.

The company says it wants to invest €30m over the next five years to become Europe’s biggest suppliers and is promising a 30% return for investors in just two years. But, while the company’s website boasts of the expertise of its staff and the quality of the organic cannabis oil it will produce, it has yet to receive a cultivatio­n licence from the Portuguese regulator, Infarmed.

Ms Compson, who now calls herself by her maiden name Minette Coetzee, is the chief executive of Symtomax but was struck off for her role in a controvers­ial land sale north of Glasgow.

The Kirkintill­och land, a 36-acre plot, had previously been refused planning permission because it was classed as greenbelt and had a risk of flooding.

It was then bought by a company belonging to lawyer Gregory King – whose investment firm was at the centre of one of Scotland’s biggest fraud probes – for £305,000 before being sold for £6m to Gibraltarb­ased Advalorem Value Asset Fund – a firm controlled by Ms Compson – using money raised from pension funds. Court papers show South African-born Ms Compson and her husband received a £64,000 commission payment, via a company she had set up in the British Virgin Islands, from Advalorem. When it emerged the site had been overvalued, Ms Compson, 48, was investigat­ed by Gibraltar’s Financial Services Commission.

As a result, in 2014 she was barred from working as a director in that country’s financial services industry.

The FSC ruling said she had failed to act with “due skill, care and diligence” in the land purchase and had “failed to ensure Advalorem was being operated in a manner that was not detrimenta­l to the interests of its participan­ts or potential participan­ts”.

The watchdog’s chief executive, Samantha Barras, added that Ms Compson had provided the FSC with “false and misleading informatio­n in respect of the basis upon which property valuations had been sought and obtained by Advalorem”.

The FSC said she was being barred “for the protection of investors, of the public and the reputation of Gibraltar as a financial centre”.

Ms Compson appealed against the ruling, but it was upheld by the Supreme Court of Gibraltar.

She, other Advalorem directors and Mr King were later sued for £6.5m by Advalorum’s administra­tors.

Ms Compson then took up a role with investment group Privilege Wealth, first as a director and then being promoted to governance and compliance director. In 2017 one of the key figures in Privilege Wealth survived an assassinat­ion attempt in Panama. In March 2018, Privilege Wealth collapsed, owing £42m to creditors.

Administra­tors found millions of pounds had been poured into a payday loans business operated by the Rosebud Sioux Tribe of South Dakota.

Ms Compson’s cannabis cultivatio­n company has registered in a number of countries, including Scotland. The

registered address at Company House is 69 Brunswick Street, Edinburgh, a building associated with more than 200 companies. Some firms registered at the address and another next door have been linked to internatio­nal scandals involving tax avoidance andmoney laundering.

The Kroll Report into internatio­nal fraud linked some firms registered at 69 and 71 to money stolen from a Moldovan bank and, two years ago, we revealed how firms registered at No 71 have been linked to money laundering by the Organised Crime and Corruption Reporting Project. Ms Compson was also previously a director of investment firm Sungold Capital Limited, whose address in

Edinburgh’s Duke Street is home to 96 companies. That address has also been used as the registered address for shell companies said to be involved in money laundering. However, there is nothing to suggest Ms Compson’s firms are involved in any financial irregulari­ty and she says the registrati­on of her companies was routine and handled by a third party.

Symtomax is seeking investors with a website, featuring photograph­s of lab-coated technician­s working with cannabis plants and oils, staff biographie­s and drone footage of its planned 104-hectare site. The firm claims: “We are dedicated to the production, research, cultivatio­n, processing and distributi­on of medicinal cannabis oil to pharmaceut­ical companies worldwide.”

A section called “Meet the Team” includes Ms Compson, and says: “Minette is a powerful business driver whose entreprene­urial instincts and clarity of vision have carried multiple companies through rapid and continuous growth with over a decade of experience in the internatio­nal financial markets.”

Symtomax says it has hired Eurico Castro Alves, former chairman of Portuguese regulatory body Infarmed, which licenses medicinal cannabis production. Another director listed on its website is David Mace, chairman of the Loudoun Castle Project that had aimed to turn the derelict Ayrshire theme park into a £450m holiday resort, but the plan was rejected by the Scottish Government a year ago. However, Symtomax’s promised return for investors is questioned by investment advice website Bond Review, which highlights a claim the firm will be able to produce medical cannabis crops worth $9.28bn (£7bn).

Bond Review said: “Claiming to be able to produce $9.28bn worth of cannabis is a big claim for a start-up company whose website was nothing but a placeholde­r as recently as August 2018. Any investment offering returns up to 18% in a year is extremely high risk.”

Money expert Fergus Muirhead said: “When thinking of investing, people should first consider how easy their money would be to access if they wanted it back from the company at any time. It would be wise to check if the investment is regulated by the Financial Conduct Authority because if it isn’t there could be no protection if the investment went wrong.

“The Symtomax offering is for 30% returns in two years while the major banks and building societies are offering around 0.5% on your money, so there will clearly be an increased risk with an investment such as this.

Ms Compson told The Post her business ban in Gibraltar was up in April. “I made some mistakes and I paid for that,” she said. “It is five years since that judgment was made and now I am being reinstated.”

Of the Advalorem land deal in Kirkintill­och, she said: “I have never met Greg King, or would I want to. I have never had any dealings with him and the land thing in Glasgow had nothing to do with me. There were a lot of directors involved in that company who are regulated in Gibraltar and I would have no idea what everyone else was doing.”

She also said she had only been a director of Privilege Wealth for a short time in 2015 and had no knowledge of what happened at the firm after that. “I was at Privilege for just three or four weeks and the reason I left was that I didn’t like some of the people involved.”

She said she had only registered her new company at Brunswick Street because a third party had organised it. “There is nothing untoward about the address,” she said.

“A lot of the things that have been written about me are just codswallop. It is laughable. I have only had one failure and I have learned my lesson from that.”

“Symtomax is an exciting new business that I have been working on for more than three years and I have put a lot of my own money into it. The reason we have now been asking for investment is that the project has to be done in stages and the only way to keep going forward is to raise money.”

‘ A lot of things written about me are codswallop. have only had one failure and learned my lesson

 ??  ??
 ??  ?? Symtomax chief exec Minette Compson and, below, chairman Paul Segal
Symtomax chief exec Minette Compson and, below, chairman Paul Segal
 ??  ??
 ??  ??
 ??  ??
 ??  ?? The land in Kirkintill­och sold by Advalorem, a firm represente­d by Ms Compson GLASGOw
The land in Kirkintill­och sold by Advalorem, a firm represente­d by Ms Compson GLASGOw
 ??  ?? Brunswick Street, Edinburgh where Symtomax is registered at No 69 EDINBURGH
Brunswick Street, Edinburgh where Symtomax is registered at No 69 EDINBURGH
 ??  ?? Footage on the Symtomax website shows the planned 104-hectare site PORTUGAL
Footage on the Symtomax website shows the planned 104-hectare site PORTUGAL

Newspapers in English

Newspapers from United Kingdom