Update on First Solution Money Transfer
It seems quite ironic that since the Official Receivers took over as the liquidators of Dr Fraud aka Dr Fazal Mahmood & Co’s First Solution Money Transfer that there has been little to no information coming out on the situation.
The Official Receivers being appointed and Panos Eliades Franklin & Co being sacked caused the Rescue Deal being proposed by a collective group of First Solution Branch Directors and a “mystery investor” being halted. It is beleived that the “mystery investors” pulled out of the deal because of the Official Receivers being appointed, otherwise a deal would have been signed, sealed and hander over to this group on the evening of Friday 3rd August 2007.
However, all is not lost as the the group of First Solution Branch Directors have found other investor interested in repatriating the Victims of Dr Fraud and Co with their lost money. Time will tell if anything materialises from this while the Victims wait in hope for some good news.
The First Solution Creditors Group have been busy rallying with Government officials, which resulted in the Government stepping in and sacking Panos Eliades Franklin and Co and the Official Receivers being appointed. However, there has been doubts being cast over the spokesperson of First Solution Creditors Group, Mr Azmal Hussain. The rumours seem to suggest that Mr Azmal himself has had a very colourful past from his days in Sweden. However, from the victims point of view Mr Hussain seems to be one of a handfull of established figures in the Bangladeshi business community actively doing anything to help the victims of First Solution. They have also been in constant contact with the Official Receivers and highlighting the concerns of the Victims to the Official Receivers.
There has been no news coming from the Official Receivers but as soon as I have any information I will pass it on.
Last week was also a week without Friday Plus on Bangla TV. I’m not sure of the exact reason but Bangla TV were showing a fund raising program for the victims of the flooding in Bangladesh in its place.
There has also been another group that has set itself up called “Action Committee To Get People Their Money Money Back”. The main force behind them is CBRUK Legal. I don’t have any information on them yet! I have only recently discovered them and it seems that they are also campaigning very hard to get the Victims their money back and also highlighting shady characters trying use this unfortunate incident for their own personal gain. I will let you know of any updates they report.
There has also been a lot of talks with regards to the charity that was set up to help the victims, Sir William Beveridge Foundation. It is beleived that at this stage all they have done is collected information from the creditors and nothing more. It is also beleived that they have no or very little funds available at this stage and any attempts to build up the fund is non existent.
This is all I have for now. Any further information I get I will keep you updated.
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