Good news at last has started to emerge from the Premier FX ‘scandal’ that rocked the Algarve almost three weeks ago, leaving hundreds of families in the lurch (click here).
Dogged persistence of clients who unwittingly sent funds to the foreign exchange company days after it had ceased trading has been rewarded.
At least two have finally seen those funds returned to the bank accounts which they used to make the transfers.
Says one: “It has been a significant battle with Barclays (mine and Premier’s bank) at the highest level.
“I am just mentioning (this) for anyone else who made a transfer post 27 July to keep on battling with the bank (s).
“I feel for everyone who made their transfers before that date, but at least if after you should get your money back via the banking system”.
It is the first ray of sunlight in a situation that has left many hugely apprehensive about forex companies that assure clients their money is ‘safe in transit’ and “fully protected by law”.
Premier FX’s blurb that “Client funds are held in secure, segregated accounts at Barclays Bank in London” is still to be confirmed as administrators PKF Geoffrey Martin & Co, of Canary Wharf, London, move in on the company that closed its doors with no advance warning at all around midday on July 27.
Millions of euros are at stake, and the levels of stress and hardship suffered by families here, in Mallorca (Spain) and UK have, we are told, been communicated to all the authorities now in action.
The Facebook group formed to help Premier FX clients in Portugal is still up and running under “Victims of Premier FX”.
We have also been informed that administrators should be ready with ‘results’ within the next 12 weeks, possibly even sooner.
natasha.donn@algarveresident.com
Photo: Sara Alves/Open Media
