By Our Correspondent

Wednesday, 15 Dec 2010

Forex Dimensions Limited has instituted a $6m legal suit against a Swiss Firm, Crown Forex, over the latter’s inability to meet its financial obligations to it.

In a sworn affidavit deposed at the Federal Capital Territory High Court, Abuja, and dated October 8, 2010; Forex Dimensions claimed that since April 2009; it had not been able to have access to its fund estimated at $998,000.

The affidavit averred that both firms had been engaged in online forex trading business since 2008.

According to the document, the Swiss firm served as both a warehouse and clearing house of the plaintiff‘s online forex transactions until the commencement of its liquidation process in October last year.

It said no warning or notice was given by the defendant or the Swiss regulatory authorities to the plaintiff or any of its customers to desist from further investment of funds in the Swiss firm.

The court document further explained, “The financial state of affairs of the defendant was finally brought home to the plaintiff in March this year, when the company discovered that its trading platform was no longer in existence.”

 

Source: Punch