PJ police launch investigation into demise of Premier FX

in News · 06-09-2018 09:47:00 · 0 Comments

Portugal’s PJ police is investigating the shock closure of the Algarve-based currency exchange company Premier FX, which went into administration last month, leaving scores of distraught expats unable to access their savings.

Citing a source from the General Attorney’s Office, magazine Visão said the investigation had been triggered by “a complaint related to this case”.
It is being probed by the Public Prosecutors’ Department for Investigation and Penal Action (DIAP) in Faro.
Premier FX’s shortcomings came to light following the death of the company’s founder Peter Rexstrew, who died during heart surgery on 16 June in Lisbon.
His children, Katy and Charles, were briefly appointed as directors of the company but “with little assistance from Barclays [with whom all company accounts were held], and with limited information” were “unable to reconcile the Company’s finances/accounts” and the decision was made to suspend trading about six weeks later.
This is according to a Derby-based solicitor’s letter issued recently on Katy Grogan and Charles Rexstrew’s behalf, “to dispel rumours of any wrongdoing on their part”.

The solicitor’s letter claims Katy and Charles have “in recent weeks” been subjected “to threats of physical violence and abuse”, and stressed: “Contrary to reports, our Clients did not inherit the business”.
The letter goes on to say the abuse has been fuelled “in no small part by misleading press articles”, and warns: “Moving forward, any attempts by the Company’s customers/creditors to contact our clients and/or members of their family will be deemed harassment, and appropriate action will be taken, pursuant to the Protection from Harassment Act 1997”.
Meanwhile, the recently-appointed administrators of Premier FX have issued an update on the latest developments, explaining their focus at present is to “thoroughly investigate Premier FX’s financial records and bank statements to get a better understanding of the position regarding the client funds”.
A statement sent to The Portugal News citing Peter Hart, a director at PKF Geoffrey Martin & Co and joint administrator of Premier FX, said: “From our initial investigation into Premier FX’s financial position, and based on our conversations with many of its customers, there appears to be a significant shortfall in the client funds held in the company’s bank accounts. In addition, we have found that Premier FX did not hold client money in designated client accounts.
“As a result, we are now undertaking a forensic examination of Premier FX’s financial records and bank statements, in order to better understand the position regarding client funds. This process, by its very nature, is likely to take some time”.
Mr. Hart went on to acknowledge this news “will cause a great deal of concern and distress to customers”, but stressed: “We continue to act in the best interests of creditors and do what we can to establish the movement of client funds prior to the start of the administration process”.
At the time of going to press, no further details were available that would provide more clarification, as the examination is still ongoing.


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