Last Solution

I discovered some “new” information in the last few days and I haven’t yet been able to digest all of it yet. It definately adds a new twist to the suffering and losses caused by Dr Fazal ”Fraud” Mahmood & Co’s First Solution Money Transfer Ltd , in my honest opinion. I could well be wrong and misunderstanding the situation, maybe somebody can put me right.

The appointment of the Official Receivers as provisional liqudators was greatly welcomed by everyone, especially the Victims of this tragedy. But not many understood the full implications of the Official Receivers being appointed, including myself. The sole purpose of the Official Receivers is to establish and protect any assets that Dr Fraud & Co’s company has or might have had, nothing more. At this stage they will not be investigating the business activities of First Solution nor will the be investigating the business practices of the Directors of First Solution.

The Official Receivers will only carry out a full investigation into Dr Fraud & Co and their business activies if the Petition to Wind up First Solution Money Transfer Ltd is accepted by the Royal Courts of Justice. This is still scheduled to be held on 7th November 2007.

The Official Receivers will also not be required to investigate Dr Fraud & Co if the Rescue Deal that is being proposed by the Branch Directors goes ahead. By the way the Official Receivers have a say in whether this Rescue Deal should go ahead and the Royal Courts of Justice will have to agree to the Official Receivers recommendation.

So lets examine this Rescue Deal that is being proposed by the Branch Directors. I have been told that the original Rescue Deal that was being proposed by the Branch Directors has had to go through several iteration and moderation to get to this current stage. The current scheme involves the Branch Directors only buying the assets of Dr Fraud & Co’s First Solution Money Transfer but not the liabilities. The liabilities is what we the Victims are owed which stands at approximately £2m and not the assests which is rumoured to stand at approximately £400k. What this also means is that the resurrected First Solution Money Transfer Ltd will have no legal obligation to pay the Victims as they will have only purchased the assets from the Official Receivers. However, I have been assured that the Branch Directors will consider it their moral and religious obligation to pay the Victims back but nothing can be legally binding.

So is this what us Creditors/Victims really wanted? Will we really get our money back?

Now here is what I am trying to digest and maybe I am wrong to think this;

What if in the grand scheme of things Dr Fraud & Co persuaded the Branch Directors to initiate and implement this Rescue Deal. This would mean that Dr Fraud & Co’s business activities would not get investigated by the Official Receivers and on top of all that they would be without blame and will not have to explain why they “FAILED TO DELIVER” our hard earned money. Then Dr Fraud & Co would be ready to come out from their hiding places and openly declare that they did nothing wrong and out of their social, religious and moral responsibilities they will try to pay us Victims back and that could be over a long period of time.

I HOPE THAT I AM UTTERLY NAIVE IN THINKING THE ABOVE.

What also worries me is that on Monday I was told by one of the Branch Directors that their latest proposal to the Official Receivers has be accepted and it would be going to the Royal Courts of Justice that day for the official seal of approval. However, within the last couple of days I have heard that the Official Receivers and the Branch Directors are still trying to strike a deal. This contradictory information really worries me!!!

MAYBE I WAS WRONG IN THINKING THAT THIS RESCUE DEAL WAS GOOD FOR THE VICTIMS.

Wel also know that the Companies Investigation Branch (CIB) are still conducting their investigation or so I hope. But the CIB, like the Official Receivers are being very tight lipped with any updates for the Victims. Lets hope they have the powers to scrutunise the accounts and activities of Dr Fraud & Co’s First Solution Money Transfer fully regardless of the outcome of the Rescue Deal by the Branch Directors.

I suggest that every single one of the Victims highlight their concerns in writing to the Stephen Timms, the CIB and the Official Receivers. I will be doing that today and please can all of you do the same. We need them to know that we will not stand still and watch our money go that easily. Below are the contact details that you should write to;

Stephen Timms - Stephen@stephentimmsmp.org.uk

Official Receivers - piu.or@insolvency.gsi.gov.uk or Matthew.Stone@insolvency.gsi.gov.uk

CIB - vetting.section@berr.gsi.gov.uk

Please spare a few minutes and write to them and help highlight our concerns.

We the Victims do not want to rely on certain individuals social, moral and religious responsibilities to get our hard earned money back, remember that is how we ended up being fodder to Dr Fraud & Co’s First Solution in the first place.

The Branch Directors should not really have anything to loose if First Solution Money Transfer was wound up, it would cost them far less to start an alternative to First Solution Money Transfer Ltd as opposed to rescuing First Solution Money Transfer Ltd from the Official Receivers.

MY RANT IS OVER FOR NOW UNTIL NEXT TIME

This entry was posted on Wednesday, September 12th, 2007 at 6:14 pm and is filed under FIRST SOLUTION. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.