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Hi everyone

I got an e-mail from Crown Forex S.A management informing me that their attorneys are going to appeal against FINMA decision to liquidate Crown Forex S.A. This appeal will be sent to the Swiss administrative court tomorrow June 10th 2009, respecting the 30 days notice granted by law.

CF management is pretty sure they will win the appealing… I’m not so sure as FINMA is the regulator and they determine the laws that rule Switzerland Financial Markets and its players and it seems to me that CF is not welcome any longer.

Well… we have already waited for a long time so we will keep in a wait and see mode. Just in case, remember to contact liquidators and file your case before June 30th 2009.

Francesc

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Dear Francesc,

The company had a meeting today with its defense attorneys and the attorneys confirmed that the appeal will be filed on Wednesday June 10th, in the appeal the company request the following:

1- to cancel the bankruptcy decision
2- to remove the investigators and their powers of supervision over the company
3- to allow the company to continue its activity according to our proposal that is compliant with Swiss regulations:

The lawyers said that what is expected is the following

for lit one its expected that the bankruptcy decision of FINMA will be suspended immediately.
for lit two its unknown.
for lit three its expected that the company will be allowed to practice its activities but under certain conditions.

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Crown Forex Update

Dear Clients,

Crown Forex has prepared its appeal against FINMA decision “to put Crown Forex into bankruptcy”. This appeal will be sent to the Swiss administrative court on June 10th 2009 respecting the 30 days notice granted by law.

It is expected that FINMA decision will suspended and the appeal will take its way in the courts awaiting a decision. It’s also important to mention that the shareholders of crown including my self proposed a giant capital increase and proposed to complete the banking application filing.

It’s important that the client understand that the funds are safe but currently blocked by FINMA and the investigation committee for unknown reasons. The investigation committee charges 10k per day for their services; it seems that this is the price you have to pay if you want to hire some one to destroy a financial company now a days!

It is also important to mention that the bankruptcy decision is an exclusive decision of FINMA and not a court decision as Reuters and CNBC and Swiss media mentioned, A spokesman of FINMA has fabricated this lie to the media; the shareholders including my self are planning to sue these organizations as we are suing FINMA for prejudice, misconduct and for publishing false information.

Finally I would like to thank FXSTREET to allow the truth to be published on their blogs.