Francesc Riverola,
Hi everyone
I got an e-mail from Crown Forex S.A management informing me that their attorneys are going to appeal against FINMA decision to liquidate Crown Forex S.A. This appeal will be sent to the Swiss administrative court tomorrow June 10th 2009, respecting the 30 days notice granted by law.
CF management is pretty sure they will win the appealing… I’m not so sure as FINMA is the regulator and they determine the laws that rule Switzerland Financial Markets and its players and it seems to me that CF is not welcome any longer.
Well… we have already waited for a long time so we will keep in a wait and see mode. Just in case, remember to contact liquidators and file your case before June 30th 2009.
Francesc
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Dear Francesc,
The company had a meeting today with its defense attorneys and the attorneys confirmed that the appeal will be filed on Wednesday June 10th, in the appeal the company request the following:
1- to cancel the bankruptcy decision
2- to remove the investigators and their powers of supervision over the company
3- to allow the company to continue its activity according to our proposal that is compliant with Swiss regulations:
The lawyers said that what is expected is the following
for lit one its expected that the bankruptcy decision of FINMA will be suspended immediately.
for lit two its unknown.
for lit three its expected that the company will be allowed to practice its activities but under certain conditions.
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Two days ago, Mr. Ali, chairman of Crown Forex S.A published a commentary on a previous post of this blog that I’m reproducing below:
Crown Forex Update
Dear Clients,
Crown Forex has prepared its appeal against FINMA decision “to put Crown Forex into bankruptcy”. This appeal will be sent to the Swiss administrative court on June 10th 2009 respecting the 30 days notice granted by law.
It is expected that FINMA decision will suspended and the appeal will take its way in the courts awaiting a decision. It’s also important to mention that the shareholders of crown including my self proposed a giant capital increase and proposed to complete the banking application filing.
It’s important that the client understand that the funds are safe but currently blocked by FINMA and the investigation committee for unknown reasons. The investigation committee charges 10k per day for their services; it seems that this is the price you have to pay if you want to hire some one to destroy a financial company now a days!
It is also important to mention that the bankruptcy decision is an exclusive decision of FINMA and not a court decision as Reuters and CNBC and Swiss media mentioned, A spokesman of FINMA has fabricated this lie to the media; the shareholders including my self are planning to sue these organizations as we are suing FINMA for prejudice, misconduct and for publishing false information.
Finally I would like to thank FXSTREET to allow the truth to be published on their blogs.
Ibrahim Ali
Chairman
Crown Forex
Dear francesc,
Thank you for posting the latest peice of information regarding this mess..Where I have submitted my details to the liquidators of Crown,I aslo strongly feel there is something wrong committed on the part of liquidators.
If liquidators are right with their decision,then there is nothing which will stop them implementing it…It should have not taken them this long to decide as the result of their investigation to render a decision with finality..
The claim of liquidators to cease the operation of Crown and its trading platform after May 29,2009 did not materialized as the website and the trading platform to date is working and operational..I can access both..but haven’t tried closing or opening any positions.
Secondly,I have mailed the liquidators several times to confirm if the information I submitted to them is adequate to claim my remaining equity,untill now,no reply..I tried to reach them by phone,no success either!
Isn,t it you in my shoes will feel the same that they are avoiding investors inquiries?
What does it takes to post a message to the investors and tell them clearly that their decision is final and investors will be given their remaining equity starting this date or by this date!??
OOOH,and yes I agree with you,”wait and see”.
Kindest Regards.
Does anyone know how many days does the Swiss Administrative Court have to respond to this appeal?
Any update on the CF, have they file the apeal against the FINMA/Liquidators decisions.
What and where the clients are standing or expect now.
Thanx
No news yet…
Any news or update about the court decision?
Nothing
June 30th is behind us, now what? will the liquidators start paying something?
WHEN WILL THE LIQUIDATORS LET US KNOW WHEN WE WILL RECEIVE OUR MONEY FROM OUR ACCOUNT?
Does anyone have any recent news about CFX, or any recent info from FINMA and its liquidators.
The website looks like being stuck on Jul,30th 2009. No update since than.
Thanx
Tiger,it seems like only stars can help us,check out with your daily horoscope,may be some good news there,otherwise this newly installed finma seems in dire need of your money.after all they have to perform their duties to “protect” you.
Hi Guys
There were few guys on the blogs posting mentioning htey have thier lawyers pursuing the case in the Swiss Courts, if these guys don’t mind sharing with us any updated information from the court proceedings or if there is any decision finalized yet or is still going on appeals and counter appeals in Lovely Swiss Judicial system.
I really appreciate any help.
Thank you.