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Greenergy, one of the UK’s largest suppliers of transport fuel, is being investigated by the Serious Fraud Office (SFO) concerning "certain aspects" of biodiesel trading.

The investigation, which is being carried out jointly by the SFO and Dutch authorities, has seen a number of sites, including five of Greenergy's UK sites, searched and four individuals arrested and released without charge.

In a statement the SFO said that it "has opened a joint investigation with the Dutch authorities concerning certain aspects of biodiesel trading at Greenergy and various third parties.

"Searches were conducted on the 30 April at five sites across the UK and additional sites in the Netherlands and Belgium. Four individuals have been arrested and released without charge”.

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A statement on Greenergy’s website said: “On Tuesday 30 April 2019, Greenergy became aware of an ongoing investigation into aspects of its biodiesel trading business and various third parties as part of a co-ordinated operation involving the UK and Dutch authorities.

"The company takes these matters very seriously and is engaging and co-operating fully with the authorities. As this is an ongoing investigation, we are not permitted to give any further details at this time.”

Greenergy, which supplied 19.4 billion litres of diesel and petrol last year, is Europe’s largest producer of waste-based biodiesel, which is made from used cooking oil at two plants in Immingham and Teesside.

Demand for the fuel has grown significantly in response to changes to the UK’s renewable transport fuels obligation (RTFO) which saw the percentage of road fuel that must come from renewable sources increase from 4.75% to 7.25% in April 2018.