First Solution Creditors become Investors
I’ve stopped counting how many weeks it has been since Dr Fazal ‘Fraud’ & Co’s First Solution Money Transfer Ltd collapsed leaving behind thousands of Victims in the Bangladesh Community throughout the UK.
With each passing week the hopes of getting my lost £2.5k seem to be diminishing very quickly or so I thought. However, a comment that regular poster AngryMan made on here has made me think and given me some hope. What if I, the creditor of First Solution Money Transfer Ltd, was to turn my potential loss of £2.5k into Investment by joining forces with the Branch Directors who are trying to revive the failed company and repay the Creditors.
Everybody knows that there has been very little update in the media with regards to the First Solution fiasco but I have been told by reliable sources that the Branch Directors are working very hard in the background to get their plan approved by the Treasury and the Official Receivers. It is anticipated that by the end of next week we should know for certain whether their plan gets the thumbs up from the UK authorities.
Like I said before First Solution Money Transfer Ltd was a very profitable company and had the potential to go beyond the £87m turnover that it did before it was run to the ground by Dr Fraud & Co. If the Branch Directors plans gets approved and First Solution is revived and it is run and managed effeciently then it will have the power and potential to become a multi million pound Company. I would imagine that any potential investors at this early stage will stand to make a hugh return on their investment. Well, that is my own interpretation and porjection, I could well be very wrong!!!!
What does that mean for the Branch Director’s Rescue Deal? Well for one they won’t have to worry about giving me my £2.5k back. They could possibly use this money elsewhere. What if a lot of the other Creditors of First Solution Money Transfer Ltd were interested in turning their losses into Investment, just like me? Well the Branch Directors again would not have to worry about repaying a lot of the Creditors and using that pot of money to grow the business further.
Any plan like this will most definately be the first of its kind, I’m sure. It will be the first time when Creditors of a failled Company help in its revival by becoming Investors. The Bangldeshi Community who lost such hugh amounts at the hand of Dr Fraud & Co could possibly stand to make a hugh gain.
But please bear in mind, this plan could well legitimise the fraud that the Victims/Creditors have suffered at the hands of Dr Fraud & Co. The Creditors turned Investors could possibly lose their money AGAIN if the revived company was not able to sustain itself and get run to the ground AGAIN.
However, if the Rescue Deal plan was approved by the UK authorities then I would not have such concerns. I’m pretty sure that the Treasury, Official Receivers and the High Court will scrutunise the Rescue Deal and if they find any holes they will not hesitate in rejecting the Rescue Deal and sending Dr Fraud & Co’s First Solution Money Transfer into the history books.
Are the Branch Directors listening to us Creditors?
Do other Creditors like me agree with me?
August 25th, 2007 at 7:22 pm
I think that it will take months and months to sort this mess up… there will be no news or running commentary by the investigators. I truely dont think money will be returned but the crooks will be named and shamed
Keep up the good work
August 25th, 2007 at 8:37 pm
WHOAA there! Hold on. My suggestion was that the company is bought out of liquidation and owned by the shareholders not the Branch Directors. I mean would you want to trust these guys again. If they had any business acumen then this would not have happended in the first place.
Has any of them come forward and said how much they paid the “fraud &Co” for their branch franchise? The failure proved that these guys did not have control over their businesses, which show bad business sense.
Woudl you want to trust them again with £1,7m. Basically this is what you are giving them and they would of course “own” the company for nothing! How much of the 1.7m would they pay.
I would want to see their business qualifications, experience of running multi-million ££ companies, project management, governance, business model, computerisation, finacial market & currency trading knowledge expereince, of running legit companies etc. before I would let them anywhere near my money.
Running local branch at some northern town is one thing and running a multi-franchised business is another thing.
Non of them so far has come forward and said “we are the elisive branch directors and here is our money and expertise”
Until we know who they are and what they can do, we should reserve judgement.
They may even answer your call.
August 26th, 2007 at 8:22 am
It sounds like a good idea but think about it? How likely is it that First Solution will do well after all thats happened? After all First Solutions prime customer market was the bangladeshi community and thats who they have swindled and taken advantage of. I highly doubt that the bangladeshi community will use them again!
Also if the business was such a goldmine than why haven’t Dr Fazal Mahmood and Co decided to use thir personal assets to clear the debt. I know for a fact that Fazal Mahmood could clear 1.7 mill in a couple of days so why wouldnt he to save a business worth more than 30 times that amount?
It all doesn’t add up and if there is any more talk of it than all you will be doing is putting ideas into the directors heads to save themselves and you will WILLINGLY lose your money.
So, what does everyone think of the idea now? Does anyone think that firstsolution will ever be able to crawl let alone run to being a multi million pound business?
These are just my views and opinions and i am not trying to inpose them on anyone else. Please everyone just sit back and think before you act.
August 27th, 2007 at 6:54 am
As I said in my opinion, FS does not have any tangible asset or intangible asset. Infact it has may liabilities, at least £1.7m of it and very angry creditors. It did not have any property assets, as even its head office was rented and the branches were likewise rented by agents.
So why would the branch directors want to buy this titanic? The only reason would be to resurrect a well known name, albeit a infamous soild one. Their only hope is to buy the goodwill of the people of the community by paying the owed £1.7m. This is the only plausible reason, hence some of the posters like “Rescue Deal” are making this out to be some sort of “charitable” or philanthropic gesture towards the community.
Whatever happens, the creditors and the community must ensure the directors are not let off the hook. This can only be done by keeping up the pressure in unity. They are hoping that the furore dies down and they get away with it. What is needed is more publicity so the authorities do not push it aside, under the carpet.
What concerns me is that its gone all very quite..
August 27th, 2007 at 9:58 am
angry man,
fantastic recomendations,
what actions are you taking to keep up the pressure on the currant directors of FS.
if none then i would like to nominate you to be the one who take responsibilty of keeping the pressure on the currant directors and make the that measure are put in place that this does not happen in the industry again.
please take this honourable position and be thw white knight that stands up to make a differance.
August 27th, 2007 at 10:04 am
It worries me as well that everything has gone so quiet. The people seem to have given up the fight to reclaim their money and it seems as though the Corporation have scraped through with only their name in tatters.
I personally have not lost any money or do not know anyone who has but i feel so much anger when i hear of Dr Fazal Mahmood and the way he is treating the situation. I recently found out that 2 weeks before the collapse of first solution, he was searching on right move, a huge property portal, for a plot of land or apartment block in the region of 1.9 million! I just wish that my evidence was more concrete.
This is why i praise last-solution for keeping people in the know, and for not just closing the website and going quiet like the rest.
Inshallah the people will have their money back and we will expose this fraud and make sure the directors do not escape their just desserts.
August 27th, 2007 at 5:20 pm
—RESCUE DEAL—
Thank you for the suggestion. I am and the people on this blog are doing that precisely, hence its rattling few cages, evident from your post. Perhaps you can enlighten us with insight in to the progress on your “rescue” of FS and the community. As an insider can you inform us how your dealing with the receivers are progressing. you guys seem to have gone all quite too.
You should not take this personally. If you want to resurrect FS then its fine and I wish you all the luck. If you have good people, business model and strategy go ahead and do it. However, it will be a struggle to wint he trust of the people.
August 27th, 2007 at 7:06 pm
thank you for your kind wishes.
a press release has been sent to various mediums on our progression.
i am sure you will get to learn of this very soon.
we the branch directors stood very closley with our customers through out this ordeal and we hope they too stand closley to us as they reap the fruits of our efforts.
also please remember us all in your duwa’s through out this auspicious season
shahid
rescue deal
August 28th, 2007 at 5:08 am
Realist
Can you email me with details of how you know that Dr Fraud was looking for something in the region of £1.9m on Rightmove.
I’d be really interested!
Admin
August 29th, 2007 at 2:32 am
Realist
I tried emailing you back but the email bounced. Can you please contact me with another email address if you can.
Thanks
Admin
August 31st, 2007 at 5:44 pm
From Yesterdays The Muslim News
Thousands affected by collapse of money transfer company
By Shahidul Choudhury
“I feel completely broken in every way. This has made me crazy. I cannot survive financially, mentally, personally. This is affecting my health and my family.” These were the words of Dullah Miah, a victim of the collapse of First Solution Money Transfer, who lost £70,000.
Miah vented his anger and frustration to The Muslim News: “I re-mortgaged my house and sent the money to build a house in Bangladesh, as a holiday home for my family, to donate to poor people and for investment in land.
“It looked to me like a high street bank. I thought it would be approved by a financial body. At the time I was told First Solution was approved by Bangladesh National Bank. However, the governor of Bangladesh National Bank said that it had not given a license to First Solution. They lied to me. They have had problems for the last three months. I am the last victim. If they cannot transfer money for the last three months they should not have taken my money. The financial director of First Solution Money Transfer continuously phoned me between 18-21 June. He made me so many calls offering me better rates than other people. They took my money intentionally. The directors of First Solution Money Transfer are clever people. We may not get our money back. Respect MP for Bethnal Green and Bow, George Galloway, has been very helpful and has represented our case to the House of Commons. I do not want other people to suffer and would request everyone to support the victims to get justice. There is no risk involved, so how can money be lost.”
Dullah Miah is one amongst thousands of Bangladeshis who are victims of the collapse of the money laundering company, First Solution Money Transfer Ltd. A press statement released by the directors of the company revealed that “the number of people whose transfers failed to complete are approximately 2,000 and the loss at less