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Life Forestry Switzerland (LFS), a company based in Nidwalden, offered direct investment in teak plantations in Costa Rica and Ecuador. Investors became owners of the trees, with a right of use or a lease on the plot.<\/p>\n
LFS is now bankrupt, according to an investigation by Correctiv.Schweiz and SRF's Rundschau programme. More than 6,000 European investors, mainly German, had placed around 200 million francs with it.<\/p>\n
In Switzerland, around 800 investors had entrusted their money to the company. Most never received the promised returns and fear losing their capital.<\/p>\n
LFS earned its income by taking a 15% margin on plantation revenue. Its marketing presented teak as a safe haven and highlighted sustainability certifications.<\/p>\n
The Nidwalden public prosecutor's office confirmed that several criminal complaints and civil actions have been filed. An investigation targets LFS's head, Carl-Lambert Liesenberg, and another person on suspicion of fraud, criminal mismanagement and bankruptcy offences. The presumption of innocence applies.<\/p>\n
The financial crime unit recently carried out five searches. The fate of the plantations, which represent the company's real value, remains uncertain.<\/p>\n