Dear valued clients,
We are fully aware that everyone is very upset with their current pending withdrawal requests. We sincerely apologise for this. We as the broker have been going through some very bad times recently, something that has never happened to us since our incorporation. These are very difficult times for us as well as for our valued clients. In this email, we will try to explain to you the current situations and how are we going to handle it.
At the moment all our funds are frozen with our previous LP due to the de-registration of UGHL in New Zealand.It was de-registered because the NZ authorities could not accept our CGAT product. They will only allow us to operate from there if we removed the CGAT which we had refused. We have some reserve funds to support the situation but it never occurred to us that it would take such a long time to get this settled. We have reached to a stage where we have to make it clear to you guys that our reserve funds is not able to accommodate the current situation. The fact is that we are currently at a loss because we are not able to secure the profits and deposits with the current LP. On behalf of the company, we apologize for we have to suspend all activities at this moment. It is due to the fact that the company just can't afford to allow any more deposits through the current wallet because it will cause a serious liability to us. Anyway, future payments for withdrawals from the old wallet will be handled totally by the broker. IBs will only be allowed to process the withdrawals for the new wallet. All the withdrawal requests that have been made to the IBs will have to be returned back to the old wallet by the broker. We will start to make payments gradually from the profit secured from the new business. This is the best effort we can take rather than waiting for a long time until we secure our deposits and profits made with our current LP.