Panos Eliades, Franklin & Co
Insolvency Practitioners
Tel: 020 8815 4000
Fax: 020 8815 4040
The Directors of First Solution Money Transfer Limited wish to say a few words.
1. We deeply regret the fact that as a result of the rapid growth of the company's business the necessary management procedures were not in place to effectively manage and control all the transactions being processed through our agents. The Directors are confident that in due course we will show completely that the cause of the problems had nothing to do with any impropriety or dishonesty on the part of the Directors or management of the company of which there has been none, but was due to credit that had been given by agents of the company to customers, this resulted in delay in passing of monies from agents to head office which resulted in regular losses sustained from exchange rate fluctuations. This was brought to the attention of the directors aproximately three months ago and action was taken imediately to put in place the necessary infrastructure required to control the situation.
2. Put simply, there was a shortfall of aproximately £1.7 million which in turn meant the company had a deficit when needing to meet the transfer amounts. However the company had the ability to meet the shortfall albeit the directors appreciated there was a need to resolve that situation, as a direct result of which we had arranged investment into the company. This coupled with a strict debt-collection regime with agents would have enabled the company to resolve matters and return to a level playing field and the swift transfer of customers funds restored.
3. As a direct result of a false statement on Bangla TV on 25th June 2007 when it was stated our company had gone bankrupt earlier that day, when we had not, panic was allowed to spread and false rumours perpetrated against the directors and the company which Bangla TV have continued to fuel by allowing false comments to be made that we the directors and in particular my self Dr Mahmood have run off with millions of pounds of peoples money and that our whereabouts are unknown. The sad irony is that as a direct result of the false statements made on Bangla TV the company now has had no choice but to place matters into the hands of Insolvency Practitioners with a view to the company being put into liquidation. Had the false statements not been made on Bangla TV and the company not been forced to have to close its offices because of the panic created by Bangla TV and the person who made those comments, the Directors are confident the company would have been able to follow the opportunity of the investment and debt-collection mentioned above.
4. Bangla TV have deliberately and irresponsibly shown not only our names, telephone numbers but also our addresses of the directors of First Solution. Also a car registration has been shown too. Further Bangla TV have allowed comments to be made through their network that customers should group together and to pursue the directors and our families not only here in the UK but also abroad and should not rest until we are shown naked in the street which coupled with the defamatory comments that we have personally taken customers money has created a 'lynch mob' situation where we are petrified for the lives of our families and ourselves. It has been alleged we the directors have bought properties with customers monies that supposedly failed to reach their intended recipients. Such allegations are complete and utter nonsense! We have done nothing dishonest at all and welcome an independent enquiry into all aspect regarding the business of First Solution so our honesty can be demonstrated. When completed we have no doubt those who have made false statements will end up having to withdraw their comments and to apologise to the many individuals who have been stirred up into a frenzy by the false statements made during the last week.
5. Mr George Galloway of the Respect The Unity Coalition Party has made blatantly false statements that ten thousand people have lost £9 million. Such statements are wholly inaccurate, based on no analysis of the true situation and are completely irresponsible as they have fuelled the fire for personal pursuit of the directors. We understand the cause for concern and there is of course the correct forum for discussing important lessons to be learned from this unfortunate matter involving First Solution and we are happy to liaise with any appropriate authority to ensure such problems can be avoided in the future. Matters are in the hands of Insolvency Practitioners, Panos Eliades Franklin and they will be able to answer questions in due course regarding the losses of the company. However, the number of people whose transfers failed to complete are approximately 2,000 and the loss at less than £2 million. Where Mr Galloway gets his figures from he will need to explain and straight way if he wishes to avoid loss of credibility. Mr Galloway has also stated that he will fight with the last drop of his blood to pursue the criminals involved – no doubt irresponsibly implying the directors as being the criminals! Mr Galloway seems to have overlooked the obvious impact that his comments, coupled with the false and irresponsible reporting of some Asian TV Channels, would have. Put simply there has been incitement of a potentially violent situation. There is no evidence of criminal behaviour on the part of the Directors nor to our knowledge any other staff of First Solution yet Mr Galloway seems to have decided that he is a fit and proper person to act as judge and jury and declare that there has been criminal activity. The news of our supposed false criminality has spread across the Asian world and to the front pages of national newspapers in Bangladesh. We are amazed that Mr Galloway should make such defamatory remarks and we will be expecting a full explanation from Mr Galloway in due course when, following a detailed analysis of the company, he has no choice but to have to accept he got it wrong. We are 100% confident we will be shown as having been nothing other than naive with the running of the business.
6. We would not for a second seek to pass the blame for the mismanagement on the agents. It was the company's duty to keep a close reign on the agents and this we failed to do for which we sincerely apologise. There were agents who acted properly and we are not hearing about those people nor are we hearing about the many thousands of happy customers whose transfers completed over the last 3 years.
7. We recognise that the losses and needs of those customers and their families are very real and painful, and must be addressed. As directors we will work tirelessly in the hope of trying to ensure that all and any losses are recovered.
8. We will be insisting on a full investigation by OFCOM into the conduct of some of the Asian TV Channels and will works closely with all and any Authorities to clear our names and to do all we can to try address the losses of those customers who have suffered and our hearts and sincere wishes go out to those people and their families. Accordingly for the time being all future enquiries should be directed to Panos Eliades Franklin & Co Tel etc.