EU Has Legal Problems Following Emissions Trading Fraud

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Staff member
Jan 24, 2011
he European Union has been called in a Belgian court by an Italian company who fell victim to the cyber theft of carbon emissions permits at the beginning of this year.

According to The Guardian, TCEI of Italy, a holding company for trading firm The Cube Energy, is trying to recover 267,991 allowances stolen in January by hackers from the Austrian registry.

The company wants the European Union, as operator and regulator of the Emissions Trading Scheme, to reveal the current holders of the stolen permits.

The Austrian national registry, which has suspended trading activity since January, when a total of 3.3 million emissions permits were stolen as a result of a cyberattack, confirmed having tracked down the allowances, but refused to release their serial numbers or current status citing national data protection laws.

"We know the credits are stolen, but not where they are. Our main goal is to recover them," said Laurent Arnauts of Arnauts Solicitors, the legal representative of TCEI in the Belgian court case.

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