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Press Release, 16th Feb 2006: In early 2004, Forex International Corp found itself a victim of fraud. Funds maintained with Commercial Bank of Kuwait were transferred out of our account held in Kuwait to a third party account in Switzerland, without the firm’s knowledge, using forged transfer instructions including company seals and signatures of company directors. In an attempt to recover its funds, the lawyers for the company contacted the Kuwaiti ambassador in the US and various government officials. However, the Kuwaiti government has not responded for over one year in an apparent bid to protect the reputation of their leading bank. The company has since been battling in courts in Switzerland and Kuwait to prove they were a victim of fraud. Recent verdicts by the courts in Kuwait have established that employees at the CBK were involved in forging the transfer documents. Swiss court proceedings have helped establish the identity of the beneficiary and have also uncovered attempts of money laundering. Money received by the perpetrators from CBK was partly withdrawn in cash and partly transferred to third-party accounts by electronic transfers. These funds were further broken down into smaller amounts and in cases wired back to Switzerland by an employee at Citicorp in Dubai (?) who was also involved in the fraud. In a bid to put pressure on the firm to withdraw its case, CBK refused to return funds remaining in the company’s account at CBK, claiming that they had doubts about the authenticity of directors’ signature on the legitimate withdrawal forms submitted by the company in spite of these forms being legalized and attested by relevant embassies and authorities. CBK continues to refuse to return the company’s funds. In the two years that this dispute has been going on, CBK has done nothing to reimburse its client. The company recently succeeded in recovering part of its funds in Switzerland and is planning legal action against CBK in various jurisdictions including the US and calling on regulators to intervene to help the company recover its funds.

In early 2004, Forex International Corp found itself a victim of fraud. Funds maintained with Commercial Bank of Kuwait were transferred out of our account held in Kuwait to a third party account in Switzerland, without the firm’s knowledge, using forged transfer instructions including company seals and signatures of company directors.

In an attempt to recover its funds, the lawyers for the company contacted the Kuwaiti ambassador in the US and various government officials. However, the Kuwaiti government has not responded for over one year in an apparent bid to protect the reputation of their leading bank.

The company has since been battling in courts in Switzerland and Kuwait to prove they were a victim of fraud. Recent verdicts by the courts in Kuwait have established that employees at the CBK were involved in forging the transfer documents.

Swiss court proceedings have helped establish the identity of the beneficiary and have also uncovered attempts of money laundering. Money received by the perpetrators from CBK was partly withdrawn in cash and partly transferred to third-party accounts by electronic transfers. These funds were further broken down into smaller amounts and in cases wired back to Switzerland by an employee at Citicorp in Dubai who was also involved in the fraud.

In a bid to put pressure on the firm to withdraw its case, CBK refused to return funds remaining in the company’s account at CBK, claiming that they had doubts about the authenticity of directors’ signature on the legitimate withdrawal forms submitted by the company in spite of these forms being legalized and attested by relevant embassies and authorities. CBK continues to refuse to return the company’s funds. In the two years that this dispute has been going on, CBK has done nothing to reimburse its client.

The company recently succeeded in recovering part of its funds in Switzerland and is planning legal action against CBK in various jurisdictions including the US and calling on regulators to intervene to help the company recover its funds.