A “strange” solicitors letter received by the Algarve Resident offices – but addressed to no one – has sparked new controversy in the ongoing Premier FX financial scandal that has rocked families across the Algarve and beyond (click here).
The word “strange” has come from former Hong Kong police Assistant Commissioner David Thomas who runs crime prevention website Safe Communities Algarve and regularly liaises on expats’ behalf with local police.
David Thomas picked up on the last two paragraphs particularly (for the letter in full see below).
The letter was sent to the support email of our newspaper and to this reporter’s work email address easily found at the end of texts.
It came from a solicitors office in Derby on the instructions of clients Katy Grogan and Charlie Rexstrew, the children of deceased Premier FX boss Peter Rexstrew.
David explains, “the letter says ‘any attempts by the Company’s customers/ creditors to contact our Clients and/ or members of their family will be deemed harassment and appropriate action will be taken, pursuant to the Protection of Harassment Act 1997.
“This wording, however, does not appear to reflect the definition of harassment and actual wording as set out in Sections 1(1) to 1 (3) of the Act, which makes no mention of the word “attempt”.
“Now, let’s say I attempted to call one of these people. Let’s say I couldn’t get through; the phone rang unanswered for instance. Would that be deemed harassment? It is extremely odd wording”, he said.
The letter continues: “A small minority of customers have threatened or incited physical violence against our Clients. Such conduct will not be tolerated. Details of the threats, and the individuals making those threats, have been forwarded to the Police for investigation, and for the Police to take the appropriate action where necessary”.
Bearing in mind that the solicitors will presumably have forwarded the threats to UK police who have no jurisdiction in Portugal where most of the social media conversation threads are emanating, this too is a strange paragraph, say observers.
But now to the overall message in the letter that “in recent weeks our Clients have been subjected to threats of physical violence and abuse, through social media, and direct contact, fuelled in no small part by misleading press articles based on assumptions and suspicion, with no evidential material to support the same”.
This particular paragraph has been interpreted by ‘victims’ of Premier FX’s demise as an attempt to paint them as the ‘bad guys’ in this terrible situation, and the directors of the company as innocents caught in the crossfire.
One of the more vociferous members of the victims Facebook group, father-of-six Dave Pratley who has lost his entire life savings and may have to sell his home to cope with a downsized future, has reacted furiously, sending off an email that he has been assured will be answered on Monday.
Online news site the Algarve Daily News has interpreted the letter as “media blamed for customers’ anger and despair”, and the comments following the text are scathing.
The feeling of Dave Pratley is that victims have been left in the dark for five weeks when all that was needed was for the directors to speak up and explain the situation.
“But no, the first correspondence is through a solicitor, basically telling people who have lost their total life savings to lay down and button their lips”, he said.
This miserable saga is now into its second month with clients here, in Mallorca, the UK and even the United States still unclear of what, if anything, they will ever see of the monies, hopes and dreams that they entrusted to Peter Rexstrew and his staff at Premier FX.
TEXT OF SOLICITOR’S LETTER:
SMITH PARTNERSHIP SOLICITORS
Norman House, Friar Gate, Derby, DE1 1NU T: 01332 225 225 DX No. 11528 – DERBY
www.smithpartnership.co.uk
E: info@smithpartnership.co.uk
To whom it may concern
Date: 30 August 2018 Our Ref: BSA/SW/332576-0001
Your Ref: Please Ask for Bally Atwal
Dear Sirs,
Our Clients: Re: Katy Grogan and Charles Rexstrew Premier FX Limited
We have been instructed by Katy Grogan and Charles Rexstrew, who on the 18 June 2018, were appointed directors of Premier FX Limited (Company Number 05769324) (hereinafter “the Company’), which was placed into administration on 13 August 2018.
In recent weeks our Clients have been subjected to threats of physical violence and abuse, through social media, and direct contact, fuelled in no small part by misleading press articles, based on assumptions and suspicion, with no evidential material to support the same.
Customers of the Company have been advised to direct all enquiries relating to their accounts to the Joint Administrators, PKF Geoffrey Martin & Co of London (“PKF”), which many, again including the press, have incorrectly taken to be an admission of guilt on the part of our clients.
Contrary to reports, our Clients did not inherit the business.
Peter Rexstrew passed away whilst undergoing a heart operation in Portugal. Prior to his death, and our Clients’ appointment as directors, Peter Rexstrew was the sole director, and sole shareholder of the Company, which, to the best of our clients’ knowledge, (given that they had previously held non managerial roles and in Charles Rexstrew’s case, been out of the business for some 2 years), had traded successfully for 12 years.
Following Peter Rexstrew’s death, the Company was left without a director. Acting on the advice of the Company’s accountants, and believing the Company to be trading successfully, our Clients agreed to be appointed as directors of the Company, to ensure the business continued to trade. The appointments took effect on the 18 June 2018.
Once appointed, our Clients made contact with the Company’s bank, Barclays Bank Plc (“Barclays”), with whom all Company accounts are held, to request up to date statements and account information. Prior to our Clients’ appointment, all banking matters had been undertaken by Peter Rexstrew.
With little assistance from Barclays, and with limited information, our Clients were unable to reconcile the Company’s finances/accounts. Consequently, on 27 July 2018, having consulted with professional advisors, the Company ceased trading. Barclays was notified not to accept, or make any payments from/to the Company’s customers. Whilst Barclays did not make any payments out after the 27 July 2018, it is understood they did accept some payments in. Customers who made payments into the account after the 27 July 2018, should email their details to premierfx@geoffreymartin.co.uk, to have their options explained to them – see attached “Customer FAQ document”.
Contact was made with the Financial Conduct Authority (FCA) on or around 27 July 2018 and then again on the 30th 2018. FCA subsequently took steps to place the company into administration.
Our clients are cooperating fully with the FCA and PKF, in order for a definitive reconciliation of Company finances/accounts to be produced, again this has been conformed by PKF – see attached FAQ document.
The purpose of this letter is to provide clarity on events which have taken place since out clients were appointed Directors of the Company, and to dispel rumours of any wrongdoing on their part.
Moving forward, any attempts by the Company’s customers/creditors to contact our clients and/or members of their family, will be deemed harassment, and appropriate action will be taken, pursuant to the Protection from Harassment Act 1997.
A small minority of customers have threatened or incited physical violence against out Clients. Such conduct will not be tolerated. Details of those threats, and the individuals making those threats, have been forwarded to the Police for investigation, and for the Police to take appropriate action where necessary.
Yours Faithfully
Smith Partnership
In conclusion, Portuguese media has begun to report on this story as other news outlets in the UK pick it up. On Thursday, Visão magazine published a double-page spread following an interview with Dave Pratley.
And after this story appeared online, David Thomas asked us to add the following: “Regardless of the statement of the solicitors, I suggest people should refrain for making personal attacks against the individuals that may be involved or for making speculative judgements on public media. I can understand the feelings of many, but this will not help in seeking justice or the recovery of funds, and could be counter –productive to any enquiries that maybe taking place. Any threats against individuals could also constitute a crime both in the UK and Portugal.”
natasha.donn@algarveresident.com
