What’s left of Corsair Group has rallied around a recently signed agreement with Shell.

As outlined on Shell’s website;

September 2024

In Europe, Shell and Corsair sign supply agreement for pyrolysis oil from post-consumer plastic waste produced at Corsair’s chemical recycling facility in Jämsä, Finland. Shell will process the pyrolysis oil at its Chemicals Park in Moerdijk.

And as per an accompanying 6th September press-release on Corsair Group’s website;

Plastic waste recycling firm Corsair has signed an agreement to supply Shell Chemicals Europe B.V. with pyrolysis oil, a mixed plastic waste feedstock.

Under the agreement, Corsair, a company that converts daily household plastic waste into oil through pyrolysis, will deliver pyrolysis oil from its plastic waste chemical recycling facility in Jämsä, Finland, for Shell’s facility in Moerdijk, The Netherlands.

The problem?

The operators of Corsair Group’s Jamsa facility have had their assets frozen and are under investigation for fraud.

Corsair Group announced “great progress” at its Kaipola facility in October 2023.

We are happy to inform you that the installation process of the first plastic waste chemical recycling unit at the Kaipola facility in Finland is moving along nicely.

In the meanwhile, piping works are taking a big step forward as well.

Stay tuned for further developments!

Corsair Group’s “Kaipola facility” operated as Kaipola Recycling. Two months prior to Corsair Group’s “great progress” update, Kaipola Recycling filed for bankruptcy.

The bankruptcy trustee in charge of the Kaipola Recycling’s bankruptcy sought to terminate proceedings in January 2024.

According to the liquidator, the company’s assets are not sufficient to cover the costs of the bankruptcy proceedings, and none of the company’s creditors are taking on the costs to cover them.

The costs of cleaning up the waste left behind by the company in the former factory area of ​​Kaipola are estimated to be over two million euros.

The company’s debt, excluding capital loans, is approximately seven million euros.

A month later, in February 2024, another company, Cindrigo, revealed plans to commence operations at the site.

The multinational renewable energy company Cindrigo has signed a letter of intent covering a 50-year lease right to the waste-to-energy plant in Jämsä Kaipola.

Cindrigo doesn’t appear to have anything to do with Corsair Group.

And, importantly, it seems the only activity Corsair Group got up to in Kaipola was generating a ton of waste.

Following the bankruptcy of Kaipola Recycling, there are thousands of tons of waste in the area of ​​the property, the cleaning of which is estimated to cost up to 2–4 million euros.

Meanwhile in May 2024, an ongoing “classified” investigation was revealed by Finnish authorities.

The District Court of Central Finland has today ordered the assets of three people who were influential in Kaipola Recycling Oy to be seized. For all three suspects, a maximum of one million euros will be confiscated.

The district court confirms that two persons are suspected of gross dishonesty of the debtor and one of aiding and abetting gross dishonesty of the debtor.

The suspects are the company’s CEO, the chairman of the board, and an individual smallholder.

The crimes are suspected to have occurred in Jyväskylä from 1 February 2021 to 8 August 2023. The company is based in Jyväskylä.

Corsair Group announced its Jamsa facility in June 2023 – evidently at the tail end of Kaipola Recycling’s fraud. To date the only output of Corsair Group’s activities in Finland is millions of dollars in waste.

According to [crime commissioner Toni] Peuha, the investigation is also currently incomplete.

It is not yet known whether there will be more investigation requests, who the final parties and witnesses will be.

To recap, Corsair Group got into bed with a recycling company in Finland who are accused of committing fraud since 2021. Said company filed for bankruptcy but that was terminated due to the business being unsalvageable.

Corsair Group investors have been led to believe long promised Ponzi profits are just around the corner, but to date the only thing produced by Corsair Group’s activities in Finland is millions of dollars in waste.

Fast forward to September 2024 and Shell has signed an agreement with Corsair Group to process non-existent oil.

Corsair Group was launched by jailed fraudster Frank Ricketts in early 2019.

Today Corsair Group is headed up by CEO Jussi Saloranta, an Italian national and associate of OneCoin Ponzi scammer Staffan Liback.

As of September 2024, SimilarWeb tracked around five thousand monthly visits to Corsair Group’s website. 79% of Corsair Group’s monthly website traffic originates from Italy.

Italian authorities declared Corsair Group an illegal investment scheme in January 2022. A month later Italian authorities targeted local Corsair Group promoters.