Update: Crown Forex appeals FINMA's decision


FXstreet.com (Barcelona) - Crown Forex has appealed to the Federal Administrative Court against the FINMA's resolution about its special investigation on its activities. The Swiss Financial Market Supervisory Authority (FINMA) took the decision on February 23rd. FXstreet.com didn't find any official confirmation but rumours say that FINMA's decision is to liquidate Crown Forex.

According to the FINMA's Communication staff, "Crown Forex S.A.’s activity was not in line with the existing Swiss law. The FINMA investigation is completed and FINMA has made a decision on February 23, 2009."

Crown Forex is now taking FINMA decision to court. The resolution is in Federal Administrative Court's hands and, as long as the decision is not effective, the accounts of Crown Forex S.A. are blocked and customer withdrawals are not possible.

On the other hand, Shadi Swais, CEO at Crown Forex S.A, says that Crown Forex has enough assets to afford all of its clients deposits: "Crown Forex have more than enough assets to cover clients liabilities further more Crown shareholders are ready to pump CHF 10Mil into the company as capital when the current situation subsides."

Another rumour says that FINMA has taken its decision under fraudulent and arbitraries terms. FXstreet.com has tried to confirm this assumption and takes more details, but it hasn't be possible so far.

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