'Phoenix' land banking firm shut down

VP Commodities Ltd was marketing plots of land in Grantham, Lincolnshire, to investors on the false basis that it had strong development prospects. The High Court heard the company had been formed to continue the "unscrupulous land banking business" of Vinci Trading Ltd, which was closed down on public interest grounds last year. Company Investigations Supervisor Chris Mayhew said: "The public need to be on their guard against the activities of unscrupulous companies which exploit investors in land banking with the promise of high returns which may never materialise. "This decision...