With this week likely to bring a new statement from administrators overseeing the affairs of collapsed foreign exchange company Premier FX, victims are beginning to fear they are at risk of being doubly shafted.
Concerns centre on terminologies being used – words that could make all the difference when it comes to retrieving the personal fortunes that vanished from one moment to the next on July 27.
Customers who have done their homework recall that at the outset it was “the original intention of the directors to go into liquidation”.
Liquidation “would have opened the way to multiple court cases” if money was discovered to have gone the wrong way.
However somewhere between the directors’ first statement and its second, ‘liquidation’ became ‘administration’.
Administration is also a tool devised to salvage a company.
Men and women working behind the scenes to try and wrestle back life savings agree: “It’s clear there is no plan to salvage this company”.
PKF Geoffrey Martin’s Peter Hart has already “confirmed” that his company was acting as “unofficial advisors” to Premier FX’s young directors Charlie Rexstrew and his sister Katy Grogan before the firm entered administration – and this too is not sitting well with victims.
The Resident has been in touch with PKF Geoffrey Martin to query all these points. Brooke Overton-Yorke told us: “we cannot talk to you”.
She referred us to the company’s PR department, but said: “They will not be able to talk to you either”.
“It’s best to wait until Thursday/ Friday”, she said, as this is apparently when the company will be releasing its latest ‘statement’ ahead of a creditors meeting scheduled for London on October 18.
The meeting is expected to go on for several hours – and will be running link-ups to customers who cannot make the journey.
natasha.donn@algarveresident.com
Photo:SARA ALVES/OPEN MEDIA
