25% Refund for First Solution Money Transfer Ltd VICTIMS
It seems that the “end” is almost near for the 2000 or so Victims of Dr Fazal “Fraud” Mahmood & Co’s First Solution Money Transfer Ltd.
No closer are we to the root cause of the scandal that caused severe outrage and hardships to the Bangladeshi Community in the UK over the summer but it seems that the Branch Directors have finally struck a “DEAL”.
It is believed that the Branch Directors, who have been in negotiations with the Official Receivers since the start of the saga, have signed a “DEAL” which would see a total of ONLY £445,000 being refunded to the Victims over a period of two years. This only represents 25% of the reported £1.7m that Dr Fraud & Co are accused of siphoning into their own coffers.
The £445,000 that is being refunded to the Victims consists of £30,000 which the Branch Directors paid for buying some of the assets, including the name First Solution. (There are rumours that the Branch Directors had to pay double that amount for the privilege to buy these assets.) The Branch Directors will also make a voluntary contribution to the Victims of UPTO £115,000. Also, our well loved friends Dr Fraud & Co will also make a contribution of £300,000 to the Victims over a period of two years, which is legally binding. Apparently, Dr Fraud & Co have the intention to pay a further £200,000 with no time limit or legal agreement.
However, Mr G R RUMI was on the BBC Money Box program today where again he repeated it was Directors “social, moral & religious obligation” to repay every single penny back to the Victims “pound for pound”. Dr Fraud & Co claim they can not afford to repay the whole of the £1.7m at the current moment. The Bangladeshi Community in the UK and Bangladesh will find these claims laughable, we know what kind of wealth Dr Fraud & Co are sitting on top of!!!
The new owners of First Solution have also made it their “social, moral and religious” obligation to pay back every single penny from future cash injections and profits from the resurrected First Solution Money Transfer Ltd.
I anticipate that the Branch Directors will be issuing out a press release imminently to chronicle what they have done so far for the Bangladeshi Community and what they hope to do in the future for the Victims that Dr Fraud & Co’s First Solution Money Transfer Ltd scandal had created. The Branch Directors might have made the pheonix rise from the ashes but whether they can keep the pheonix flying remains to be seen.
All is not lost just yet, the Official Receiver Paul Titherington told both the BBC Money Box program and the East London Advertiser that should the High Courts accept the Winding Up Petition on 21st November 2007, then some of the other assets that have not been sold to the Branch Directors may be realised and added to the fund to repay the Victims. He also said that the CIB are still investigating the collapse of Dr Fraud & Co’s First Solution Money Transfer Ltd and should the High Court hearing agree to the Winding Up Petition next week then the Official Receivers will also look into any wrongdoing by our dear freinds Dr Fraud & Co and establish “the cause of failure”. I simply can not wait!!!
The postponed Winding Up Petition will be heared in the High Courts on 21st November 2007. A creditors meeting is also scheduled to happen on 19th December 2007 and all registered creditors/Victims should receive notices of the creditors meeting no later then 26th November 2007.
The First Solution Creditors Group is planning to hold a mass protest outside the High Courts when the Winding Up Petition is heard in the High Courts next week.
As of yet, no information has been released as to how the Victims will be getting 25% of their money back but I’m sure this information will be coming out soon.
See the links for the BBC Money Box Article and also to listen to the Money Box Program (its is the second item in the program). Also there is the link to the East London Advetiser Article that poster “TJ” refered to in his post.
WE THE VICTIMS STILL WAIT IN HOPE.