I just got feed-back from FINMA regarding the situation of Crown Forex S.A case.
In the front of news about the end of the liquidation process, nothing new we did not all know already.
But I got some new new in the front of the appealing process opened almost since the beginning of the case. Crown Forex S.A appeal was
filed on Wednesday June 10th 2009, and 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
You have all the details here:
Crown Forex appeals regulator bankruptcy ruling - Reuters
Crown Forex S.A to file an appeal to FINMA’s liquidation decision Wednesday June 10th
Forex S.A indentifies law violations practiced by FINMA’s inv...
Well, it seems that by decision of March 8, 2010, the Federal Administrative Tribunal has dismissed the appeal of Crown Forex SA.
So the process will keep going and should not suffer any delay from the appealing front. Maybe, just maybe…. we can consider this as good news.
Dear Mr Riverola
We refer to your up-to-date request dated march 23, 2010.
The bankruptcy procedure of Crown Forex takes its course. Claims in CROWN FOREX SA’s bankruptcy are currently being handled and under
review. According to the information we received from the liquidators,
this process takes a lot of time due to the number of claims. The
liquidators do not expect payment from the bankruptcy estate before
several months. Relevant information for claimants is available on our
website www.finma.ch as well as on the website of the liquidators,
By decision of March 8, 2010, the Federal Administrative Tribunal has dismissed the appeal of Crown Forex SA. To recall: Crown
Forex SA claimed to avoid the FINMA decision regarding the opening of
the bankruptcy procedure on Crown Froex SA. The Federal Administrative
Tribunal has confirmed the FINMA decision.
Christina Bürgi Simone Flach-Florey
Eidgenössische Finanzmarktaufsicht FINMA
Autorité fédérale de surveillance des marchés financiers FINMA
Autorità federale di vigilanza sui mercati finanziari FINMA
Swiss Financial Market Supervisory Authority FINMA