UK: First Solution Money Transfer


Staff member
First Solution Money Transfer

This is their webpage:
[SIZE=-1]23rd July 2007 :
Article in The Times : Police inquiry as £1.7m fails to reach Bangladesh from families in Britain
Article in The Guardian : Despair as money transfer firm collapses [/SIZE]

[SIZE=-1]11th July 2007 : Online Interview with First Solution Director
Actual link: [/SIZE]

[SIZE=-1]3rd July 2007 : Watch interview with Chairman of First Solution
Actual link: [/SIZE]

[SIZE=-1]Panos Eliades, Franklin & Co
Insolvency Practitioners
Tel: 020 8815 4000
Fax: 020 8815 4040

Media Relations :

[SIZE=-1]Press Statement by First Solution Money Transfer Limited
9th July 2007[/SIZE]

[SIZE=-1]We would like to highlight that there has been a huge amount of speculation and extremely irresponsible reporting by some Bengali TV networks and by MP George Galloway. [/SIZE]
[SIZE=-1]Bangladeshi TV did not accurately report the reality of the situation but rather they grossly distorted the truth. We made several attempts to express our views to our community via these channels but to no avail. Mainstream British media channels have helped facilitate us in getting some truth to the bengali public. [/SIZE]
[SIZE=-1]MP George Galloway as a responsible public figure should have checked the facts before making televised allegations, that directors of the company had fled away with £9 million of 10,000 customers money and are now living in Dubai and Spain. His statements have endangered people's lives particularly those of the directors and their families creating hatred, anger and panic within a community he should be safeguarding. [/SIZE]
[SIZE=-1]The matter is currently under police investigation and we are in full co-operation. We are confident that truth will prevail . [/SIZE]
[SIZE=-1]We are fully committed to ensuring that all our customers are satisfied, regardless of the outcome of the liquidation process, we will do all we can to full fill our pledge. [/SIZE]
[SIZE=-1]Yours sincerely [/SIZE]
[SIZE=-1]Dr. Fazal Mahmood
Gulam Robbani Rumi
Shah M. Hadi
(Directors of First Solution Money Transfer Limited)[/SIZE]
but there is more:

First Solution Money Transfer Collapse
First Solution Money Transfer Ltd has ceased trading and is now in the hands of insolvency practitioners with a view to liquidating the company. There will be a creditors meeting as soon as is feasible, organised by the accountants.

Thousands of FSMTL's customers now face the loss of millions of pounds. George Galloway was authoritatively informed that the company was in serious trouble on Friday 22nd June and immediately alerted the authorities of the problems and that its problems may be the product of wrong-doing.

Respect also sought to get a warning out to the public via the media not to continue to use this company as our evidence was that there was no guarantee that their money would be transferred. We believe that pressure led the company to claim it had issued an instruction last Wednesday to its agents to stop taking deposits.

This is a company that has expanded very rapidly as a result of its heavy promotion in TV adverts and the promise to provide a quicker service to more outlets in Bangladesh at higher rates of exchange and lower fees than its competitors.

The company has issued through its solicitor the claim that its problems resulted from mismanagement arising out of this rapid growth. The solicitor said some of the company's agents failed to pass on money for transfers that head office processed anyway. Respect has been told by others that the business system could not have allowed this to happen.

What is certain is that rumours about the causes of the collapse are rife and the collapse needs definitive and authoritative examination.

As far as we aware fraud investigators from Her Majesty's Revenue and Customs (HMRC), the regulating authority, or the Serious Fraud Office (SFO) have still not gone into the company to examine its accounts. We are continuing to press for this to happen as soon as possible.

Respect is advised that, now the company is in liquidation, there is no gain for creditors to pay a court fee to register your claim with the County Court. The liquidator and other authorities will ultimately determine whether there are any assets in the company to pay out to the company's many creditors proportionately, but this may take a very long time.

What Respect is doing:
1) We have passed all information on FSMTL to the police, HMRC, ministers and every MP.
2) George Galloway has requested an urgent meeting with the Chancellor of the Exchequer Alastair Darling and has asked the Speaker of the House of Commons for an Adjournment Debate on the collapse.
3) We are collating details of creditors and evidence of allegations of wrong-doing to be passed on to the authorities.
4) George Galloway is convening a committee of MPs to lobby for action to help creditors.

What you can do:
1) Contact your local MP who will have received an initial briefing from George Galloway.
2) Provide your contact details and details of what you are owed to us so that we can set up a database in order to create an FSMTL Creditors Group, to campaign for action and for whatever can be done to retrieve the money owed. Send your details to the Respect Office.
3) Pass on any concrete evidence of wrong-doing by the company to us, directly to the authorities or to your MP (or MEP if you are outside UK) for them to pass on to the authorities.
4) Every creditor must come to the creditors meeting as and when it is held. We will publicise the date, time and venue of this meeting as soon as we have it.
5) If you are a creditor, contact Panos, Eliades, Franklin and Co., the insolvency practitioners on 020 8815 4000.

A form to register with the creditor's group can be downloaded here: