Don’t put more pressure on Edgar, wait and see. This is an assumption of Edgar still have good heart to take care their investors and clients. I just wonder that if Edgar truly care about their clients, they should already improve all working process including process withdrawal, admins, and even trading.
How about this assumption is wrong? Got any backup plan?
No one care about backup plan. No one care about “risk management”. Then, client just need to prepare themselves to accept their investment disappear in one day. Thanks.
I would like to clarify few matters here so we can set the record straight.
Legion Trade Limited has been in operation since 2006 so for those who making comment that we just started in 2010 then please correct yourself.
Legion Trade Limited is registered in three different country to fulfill our operation requirement. I do hope those busy making comment about our licensing then please read our website.
Edgar International Company Limited is not owned by anyone else but strictly own by Global Trade Consortium and which their representative is Mr. Dindo De Villa.
Edgar never claimed to be investment company but Online Trading Platform Provider.
Edgar do not offer manage account or any investment related services except trading platform utilization services.
We do know few Independent Contractor Group Owner (agency) is providing trading services to their client with their clients consent which EDGAR is not responsible directly or Indirectly with the results of the trading.
Since October 2010, EDGAR is having difficulty in managing their payment as their 3 main client segregated fund accounts was frozen by bank and local authority and subject to details audit due to the company failure to comply with AMLA and KYC Policy. Its took months for Edgar Legal team to clear up with authorities. The good news is… everything is done and Edgar have clearance to operate normal on 5th January 2011.
During this period, EDGAR have engage Legion Trade Limited and few other legal and financial consultant companies services in supervising the management restructuring exercise and few other related matter. Legion Trade Limited also assist Edgar in clearing payment out.
I have personally have monitor the payment issue and I have made the following conclusion:
a) More than 35% of payment was not process due to disputed locking withdrawal issue and withdrawal limit policy which agree between Client and their personal trader / trading manager.
b) Another 20% of the payment problems cause by wrong account details, missing information which cause payment was withheld in beneficiary bank for more than a 2 weeks to 4 weeks. Due to cost of sending, return and resending - there is also issue raise by client that they should not be charge for the cost occurred due to their wrong details and late reply.
Some of the payment return after 4 weeks of sending which cause the fund redeposit to client trade account
c) Other than that, the remaining of withdrawal is process without problem.
I have publish my email since September 2010 but until today only 12 people contacted me on their withdrawal. Up until today 7 already cleared and another 4 is still waiting for their agent respond on locking and withdrawal limit policy.
Amid that, I really wonder if there is truth to stories of thousands of people having withdrawal problem when EDGAR registered pending payment is only 487 files?
From September 2010 to December 2010 - Legion and other associate companies have assisted Edger to clear a total 8268 MT files.
That is all for now,
Mutalib Rahman
Additional Note : EDGAR not require to get any license from SEC NZ but currently under process to obtain Financial Service Provider Status from NZ FSP Authority.
Hi Mr Mutalib Rahman, so happy to see your posting. Many investors will be looking forward for yr help n assist to return ours hard earn money. Tks in advance : )
Allen Leow,
Do not splash cold water for what Mr Mutalib is doing. He is trying to clear the air and indeed did that very professionally. Apparently, we knew that Edgar is not complying with all the international standards n regulations but I m glad that Edgar is in the process of improvisation…A new company like Edgar of 2-3 years in establishment cannot be compared with those been set-up for 10 years like Admiral or Metatrader 4.
Everyone has the right to criticize and warn one another but no hard feelings. Eventually it’s the investors himself / herself to bear the consequences.
Like i said before, give Edgar administration personnel a chance to prove themselves. Who’s perfect n never make mistakes before?
Mr. Mutalib,
I do not want to name myself here but m one of four who wrote n sent email to you recently. However, I haven’t got my withdrawal yet.
well, i am not putting fire here… i am supporting mr mutalib but he post things here also no ppl will believe since some of them so hate edgar…
i totally support mr mutalib… if not, i wont ask for his e-mail… i got things wanna ask him personally and my boss might have some business to deal with him if he is the real CEO
Thanks for your feedback. There is a lot of guessing games here and like you said many ppl are just making assumptions. As one of the investors with considerable huge amount of money pump-in, i understand it’s no point crying over spilt milk. The key phrase to everyone here is we would like get the withdrawal done be it partial or full withdrawal.
If you read my earlier post, i have suggested to hold investors’ meeting but the response is lukewarm and no one seemed interested. Back-up plan? No point having ideas but without execution plan and follow-up. Till todate, there’s a lot of talk and criticism here and there but with no action taken.
Thanks you Mutalib for coming out to the babypips forum, since you have finally spoken it will be nice for you to help clear something.
I have actually done my own research and read Legion and Edgar website. I have also consulted with the NZ Securities commission in regarding to forex dealers in spot and futures.
I think its needless to say, there are only a few pressing issues but i just need ONE very impt information . If this can be produced EVERYONE will know that the company is a regulated and is a legitimate company. And we can all stop this arguing.
Just 1 simple question : Can u kindly provide a forex dealing licence No. Just like LatitudeFX . Simply put, i have searched through the Securities commission Gazette and can not find the required forex licence for either Edgar or Legion. ( Oh I don’t need the Business registration number, that i already have - i just need to know what is the Licence number ). Please don’t tell me that Edgar and Legion do not need license because all Forex trading is regulated in NZ. LatitudeFX who i believe is your competitor in the NZ Market have a license number clearly put on their website.
Just a quick reminder in regards to tax and finance regulation . A company that is registered in the country of domicile and operates in the financial industry needs to be regulated by the NZ Securities commission. If any on this website says otherwise, please email directly to NZ Securities commission. I believe Mr Hayden ( Lawyer for the NZ Securities commission ) will help clarify such matters.
In short- Edgar and Legion are both registered as NZ business entity therefore are subject to NZ Laws and regulations. Regardless where they might have their headquarters - Macau, HK, UK. Edgar and Legion is a registered entity in NZ… SO
I think one simple license number will clearly suffice.
PS - I have a number of friends, who got their money put back into the account after it came out of ledger. They have shown me their previous printscreens of successful withdrawal. The accounts and everything were identical not like what you mention wrong details. Yet money was put back. Can please investigate the REAL reason behind this sudden issue ?
According to the New Zealand Companies record, Mutalib Rahman your registered address is in Sabah, somewhere in Austral Park, Kepayan Ridge? Due to babypips solicitation restriction, I shall not list your exact registered address.
So can I say you are a [U][B]Sabahan[/B][/U] that owns or at least manage Legion Trade Limited? Why not you co-arrange a seminar with Edgar or Andy and his staff in KK, and just come out and clear the air? At the same time you can show us your FSP application docs, or whatever license. At least face to face explanation is better than hiding behind the computer.
As you know, forum is similar to “coffee talk”. You can claim who you are by creating any user name you like. For the benefit of everyone, I suggest you publish your statement on the newspaper or Edgar / Legion Trade website with your name and signature.
Sorry to say, but issuing a statement in a forum has no strength and doesn’t represent the company at all. Did not your legal advisor advise you on that? You will not find any company representative, let alone the “GROUP CEO” clarifying issues in a forum. You may direct a link to your official statement in your website or media but not clarifying in a forum.
Regards,
(the fake) Dindo Carangian DE VILLA
Director of Edgar International Company Limited
Director of Honest Group Limited
Representative Global Trade Consortium
Dindo,
I have to agree with you. It’s high time that Edgar should hold a seminar like what previously did in City Mall. The briefing and communication is super important and don’t let the investors lose confidence in Edgar. Moreover under the circumtance, it’s essential to have one to clear the air.
Likewise, in the past ( 2010 ) there have been frequent seminars going on to woo new investors then why not now? The Edgar administration must be big enough to face the investors. Well, let’s clear the air…
Yes, i top up some fund in Oct and being bounced back and the money returned to my bank (i lost $300 plus due to the exchange rate and admin charges). Reason: The other party bank account is not valid. BTW, i get the latest bank details from the web-site
Hi Dindo, You mean Mutalib Rahman is fake? He is not the CEO of Legion Trade Limited? Sound too good to be true that a CEO will speak in this Forum? Sound like you saying there isn’t any kind soul in this world to help ppl like us ( Lost and Depressed because of Edgar inabilities to manage their finances )? I think you might be or are one of the strong competitor who trying to let Edgar lost all their investors? Are you?
We really hope Legion CEO will do some concrete envidence to help ppl here. Like getting our money back?
