Yle scrutinises Corsair’s promises for Jämsä recycling plant

Yle has found unanswered questions about Corsair’s finances and claims for its plastics-to-oil plant in Jämsä, Finland, the broadcaster reported. The company has promoted the prospect of large returns for people joining its network, while the plant is still operating under a trial permit.

Corsair says it plans to turn plastic waste into recycling oil at the former Kaipola mill. Its chief executive, Jussi Saloranta, told network members that commercial-scale production would begin after the summer. A final environmental permit is expected in October.

At marketing events in Helsinki and Jämsä in June, Corsair representatives also said the group’s parent company had a market value of about 250 million euros and would be listed on the New York Stock Exchange. Yle noted that the parent company is registered in the Netherlands and is not publicly traded. Corsair has not filed all required documents in the Dutch trade register, making it difficult to assess the network’s operations.

Corsair promotes its own crypto asset, describing it as an electronic receipt issued in connection with plastic recycling and saying its value will rise substantially. The company did not grant Yle an interview or answer its questions about the business. It also did not allow the broadcaster onto the factory grounds.

Yle attended the June events without telling organisers that a journalist would be present, saying it used the approach because of the matter’s public significance. The broadcaster reported that a small quantity of plastic waste for pyrolysis was visible at the factory during its visit. Corsair has received public funding linked to Jämsä’s sudden structural change situation.

Yle has previously investigated Corsair’s connections to the OneCoin pyramid scheme, in which Finns lost tens of millions of euros.