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Screenshot of a breaking news alert e-mail from Q2 2017
While New Zealand’s regulators are barely managing to process all of the complaints regarding retail Forex broker Forex Trend Limited, which gained poor fame by not returning funds to its clients, the company seems to be gaining a new life under a new owner in Ukraine. At least this is suggested by an update published by Forex Trend’s new parent – Ukraine’s Concorde Private Equity.
Today Concorde said the new entity will “not be a legal successor” to Forex Trend Limited. The latter statement is hard to decipher. Most likely, Concorde is trying to get the clients but not the legal obligations of Forex Trend.
The new entity, which will try to get Forex Trend’s client database, will emerge in August this year with a new website, Concorde states.
Forex Trend Ltd was removed from the register of Financial Service Providers in New Zealand as clients complained they were unable to withdraw their money. Earlier this year, Russia’s Forex self-regulatory organization CRFIN blacklisted Forex Trend, also referring to numerous investors’ complaints regarding their inability to withdraw funds.
To view the official announcement by Concorde on the new Forex Trend company, click here.