Exclusive: BT Deal with Forexware Imminent amid Potential Ownership Irregularities, CFH Group Makes a Statement
BT about to conclude a deal with FXDD rumoured since the beginning of May in a matter of days. CFH
As previous reports by Forex Magnates stated, sources connected to the market have been talking about a deal between FXDD and Boston Technologies for the current CEO George Popescu’s controlling stake of 50% +1 share, which was awarded to him in a court decision back in February this year. According to current information provided by sources aware of the matter, the deal is with Forexware and may be concluded in a matter of days, possibly as early as tomorrow (Friday). Forex Magnates’ reporters reached out to Boston Technologies for a statement but the company has declined to comment.
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Meanwhile, back in the latter part of May, CFH Group announced its intentions (pending due diligence) to acquire the other half of the company held by former COO and co-founder Kevin Millien. Apparently, this move has not affected the plans of the current CEO of Boston Technologies to sell his controlling stake to Forexware.
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Forex Magnates received information that as part of the deal, a corporate entity based in Belize, BT Trading Ltd., which holds 100% of BT Prime and Boston Prime and is a separate company from US incorporated Boston Technologies Inc., will be sold to Forexware. Forex Magnates’ reporters have obtained documents whose validity is unconfirmed, but according to them, the Belize company’s structure has been called into question, therefore our reporters reached out to the CFH Group and Boston Technologies for a comment.
The CFH Group confirmed, “Our company will proceed with acquiring Kevin Millien’s stake and according to all documents in our possession – the ownership matches with our initial statement.” The firm also informed Forex Magnates that they intend to put in a full offer for the rest of company pending final due diligence. CFH Group concluded, “Should there be any discrepancies between assumed ownership and the latest registrar data – this is of course a serious matter, which will be addressed separately.”
When asked for a comment on the ownership of BT Trading Ltd., George Popescu denied any changes to its ownership structure and confirmed that the venture’s holding is divided into equal stakes between Mr. Popescu and Mr. Millien.
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What a mess. Christian needs to wake up.
Daaang son! Somebody just got served. Wish I knew who though.
Depending on the structure of the deal, CFH could do well out of this. FXDD looking to buy BT would have to buy out CFH as well I guess.
FXDD would be mad to go through with this.
Like control of KGB in 1991…company crumbles like Berlin Wall, no rules, winner will be dirty fighter but smile on face for camera like my beloved Putin.
What does FXDD gain ? I assume a client base , but does that mean Forexware is not working our for FXDD as I was under the impression that was their tech arm providing much the same?
If the Belize Corp (BT Trading) truly is owned 50/50 by GP and KM, then it would seem that GP can’t sell it without KM’s approval.
Which means that GP will have to fulfill his fiduciary responsibility (to both BT and BTT shareholders) by going with the best deal, not just the quickest one.
embarrassed to work for this company. Can’t wait til this all ends.
Victor, the +1 ruling was in a US court applying to a US corporation (BT).
BTT is a different corporation in a different country. The US ruling won’t apply.
Why is no one mentioning the other shareholders? Page 10 of the ruling. Looks like 7.15% held (including hunick and excluding employees and managers). Would these shares not potentially sway power and control?
Skeletons in the closet coming out . There are also issues about DD activity disguised as STP and not disclosed to client brokers.
Any level of DD will surface all kinds of issues: regulatory, technology and so forth.
Caveat emptor to say the least….
Yuri, the stock held by everyone else are non-voting shares.
If the shares had voting rights there wouldn’t have been the GP/KM lawsuit, and I have a feeling that none of the shareholders will be happy about the outcome of the FXDD deal