Breaking News: BT Prime & Boston Prime Face Injunction Order in Alleged Ownership Dilute
Forex Magnates reveals that Supreme Court of Belize grants injunctions against BT Trading, BT's CEO George Popescu and Alpha Services
According to court filings obtained by Forex Magnates’ reporters, an injunction order has been filed against the Belize-based entity behind BT Prime and Boston Prime, BT Trading Ltd. The order has been filed by co-Founder and former Boston Prime CEO and Boston Technologies COO, Kevin Millien, with the Supreme Court of Belize. The legal action is also targeting current CEO of Boston Technologies, (BT) George Popescu and the Belize-based registered agent, Alpha Services Limited.
Following are links to the court filing and to the injunction order.
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The events surrounding Boston Technologies are unfolding in the wake of a potential acquisition of the company’s controlling stake by Forexware and confirms a previous report by Forex Magnates which has outlined potential ownership irregularities in the firm’s Belize entity, while at the same time the CFH Group has bid for the other half of the company.
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Our reporters reached out to Boston Technologies’ co-Founder and former Boston Prime CEO, Kevin Millien, for a comment on the matter which he shared during his trip to Belize to finalize the transfer of ownership to the CFH Group,where he learned that BT Trading’s share capital has been increased.
He stated to Forex Magnates, “It happened without my knowledge or consent and I have been removed as a director of the company days before my arrival, without my knowledge. The registered agent, Alpha Services Limited, refused to provide me with any copies of those board resolutions, which authorise significant changes to the capital structure and to the composition of the Board of Directors. Both of which require unanimous consent of the board. I was removed from my position as director on Friday the 20th of June, just before I arrived in Belize on Monday the 23rd.”
He proceeded to confirm and explain the legal actions taken by him towards the defendants, stating, “Upon discovering these findings, I retained attorneys in Belize and we filed an injunction to block any additional corporate actions, including any potential sale of the company or any potential financing arrangements, until my ownership stake is restored fully and I have been fully reinstated as a director of the company.”
On the basis of a previously obtained document by Forex Magnates’ reporters, we asked Mr. Popescu about the company’s ownership structure at the beginning of June. He confirmed at the time there has been no dilution in the share ownership and the venture’s ownership is split 50:50.
However, according to the date on the document listed above, the ownership structure was changed back in July of last year. This was confirmed by Mr. Millien to Forex Magnates’ reporters. Boston Technologies refrained from commenting on the matter at the time of publication.
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This story reminds me of the time a commentor wrote, “You say close, I say Nyet.”
Hi Vlad. I do remember that line. It would have been nice to have a valid email to contact the author of that quote, but “nyet”.
So, generally speaking, how is legal certainty in Belize? Is it a fair procedure for the most part, or more about who you are, who you know or who you pay? Some of the islands in these parts do display conspicuous behaviour in such matters, not sure tho about this one in particular.
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To me it looks like Mr. Popescu outsmarted Mr. Millien. I guess their ownership dispute continues and after Mr. Popescu won the Boston Technologies lawsuit , now we see season 2 , the Belize act. Time to make some popcorn and watch the next episode, as reported by new telenovela producer Forex Magnates !
Since Belize makes a moderate amount of money by being home to a lot of foreign corporations, I’m guessing that they need to maintain a moderate level of respectability and justice in the corporate judicial proceedings.
From the documents shown it seems pretty clear that the dilution was fraudulent since it was done without the approval of the board, probably a knee-jerk reaction to the suit that was filed by KM.
I’ve worked directly with Mr. Millien and have nothing good to say about him. His arrogance overshadows any level of professionalism so I truly believe he’ll spend his last dime trying to make George’s life miserable. This whole scenario is a shame. George gave Kevin a home at BT and this is the “thanks” he gets in return. I don’t believe Kevin has thought about his future either. Who would want to hire him once the mess he created is resolved? There’s too much risk involved if you hurt his feelings.
All I can say is that I’m glad I’m not working there anymore, and there’s a reason almost all the developers have left.
A mess indeed…and well deserved. BT is clueless and incompetent.
Suppose we have to wait see how safe it is to establish a company in Belize – banana republic or common law ?
Can’t imagine what possessed Forexware to purchase our company other than to have the thrill of of sinking faster.
How would this deal for Forexware improve its position in the market. I find it hard to see the business decision on this deal. I might be missing something.
it’s actually quite complimentary to forexware’s business as what it really wants is the BT Prime business which forexware doesn’t have, while forexware itself may have more advanced fx technology