ASX-listed m2m Corporation Ltd has dropped a $10 million merger with Carbon Planet and gone into business with a man accused of running a carbon "cargo cult" in Papua New Guinea.
Former disqualified Australian horse trainer and Philippine cock-fighting syndicate operator Kirk Roberts, and his company Nupan, is now working for technology investment group m2m to develop carbon trading projects in PNG.
At a volatile meeting between PNG government and forest landowners on Monday Roberts, who is also under investigation by the PNG's Forest Authority (FA), was accused by PNG's Forest Minister Beldan Namah of promoting a carbon "cargo cult".
But Roberts, who received $1.1 million from Adelaide-based Carbon Planet in 2008, shrugs off widespread criticisms and is adamant he represents numerous PNG landowner groups who want lucrative carbon projects developed under a voluntary system.
PNG authorities are worried Roberts is undermining ...