News just in....
Ramadan Kareem!!
We would like to take this opportunity to inform our clients that we have just renewed our business license and we are running into our 7th year of operation. This has only been possible due to the long lasting support from our stakeholders and clients.
In our continuous efforts to ensure that all processes meet the necessary legal requirements, we recently employed the services of a Dubai Court approved auditor. This will also provide assurance to our clients that our business is free from material misstatement.
Exential has always taken pride that in the past the favorable market conditions and unrestricted banking channels insured that we could process all withdrawal requests in the stipulated time period.
However, due to the limited banking channels, coupled with the challenges encountered in expanding our bank network we have been facing delays in the withdrawal payments and hence we have not been able to provide firm timelines to our clients. Further delays are expected.
We would like to explain in detail the current challenges which were unforeseen, we here at, Exential are facing:
· Unknowingly withdrawal payments were being transferred to high risk countries, and due to increase in compliance in the banks, the banking networks locally and internationally were closed in December hence, there was a delay in withdrawal payments
· To cater to our wide client base, a banking network was opened in Australia in August, 2015. However, due to the backlog of the withdrawal payments in December 2015, some clients submitted unsubstantial claims regarding the company, which further led the banks to close our accounts. This left us with the limited local existing network in the UAE.
· In addition to the above our team has been working hard to get more transfer/ banking partners on board to help ease the ongoing issue but the nature of business, transactions involved and brokerage partners not licensed with the local regulatory bodies has made it difficult to achieve our goal.
Also, may we request our clients to refrain from posting negative reviews on the internet about Exential and its brokerage partners, as this has led to initial decline of accepting our application to open new bank accounts.
To our clients we would like to explain the challenges since December:
Exential would like to bring to the notice of their clients that they marketed their respective product as a secondary income, since an investment is based on savings and the returns are solely done to increase an existing income. However, this has been treated by clients as a primary income which has led to dependency on us for withdrawal payouts, hence a high volume. Clients are encouraged to invest only if they have disposable income. We request you not to take a loan and do an investment. Exential is not responsible for personal situations such as property payments, fees, loan EMIs etc.
After careful consideration, in order for Exential to be able to cater to the high volume of withdrawals with our current banking channels, we would like to inform you of certain changes in the schedule of withdrawal payments that may impact you. In the past withdrawal payments were processed every month, however effective January 1, 2017, payments will now be discharged every quarter. All withdrawal payments will be put on hold till January, 2017. The returns on your investments will be cumulated and paid at the end of each quarter.
A more clear structure of the payouts from 1st Jan 2017 will be shared with you in due course (Sept 2016) once we have clarity on the final number of clients that will continue with Exential.
In lieu of this situation we are providing the below mentioned options:
Option 1
If you agree to receiving a quarterly return and you are happy to continue your valuable relationship, you will need to sign the amendment. May we please ask you to complete the following:
1. In the document section of the portal, you will find the amendment
2. Please download and review the amendment
3. After reviewing the amendment, please either click on Accept or Reject
4. If you click on Accept, the investment will be locked in for a period of one year from the date of accepting the amendment
5. If you click on Reject, your account will automatically be issued towards a closure and your respective RM will call you to arrange for a time for you to come into the office to sign the
“Assurance document” before August 31,2016
Option 2
However, we understand if your personal situation does not allow you to handle the delay and the new payment plan, you can choose to discontinue/terminate your relationship with us we would need you to do the following:
1. Terminate the account by sending an email to
withdrawals@exentialgroup.com mentioning “ Contract Termination” in the subject line
2. Once the email is received, a sales coordinator will call you to schedule an appointment with you based on your convenience and availability of your assigned RM to come into the office to sign the “Assurance document” which will confirm the payout and closure of your account. This document has been drafted after careful consideration to ensure that we here at Exential are providing an assurance that your investment along with the profit will be paid to you.
3. Final payout including profits accrued until date of closure will be paid with a lead time of nine months*
4. Your assigned RM will assist you with any other queries which you may have
* Payout with a lead time of nine months is based on an analysis done to release funds with the current limited banking channels
Please note that due to a wide client base, priority will be given to those clients who come to the office with a prior scheduled appointment.
While we understand that these changes may cause some inconvenience to our clients, we do hope to maintain your long standing relationship with us.
Please complete the above process, whether you wish to continue with us or would like to choose the option of discontinuing the relationship, by August 31,2016.
If we do not hear from you by the above mentioned date, we will automatically close your account and your funds will be transferred to your bank account mentioned in your profile within in the lead time of nine months from the date of closure which in this case will be August 31,2016.
Please note that you will still need to come to the office to sign the “Assurance document”
Thank you very much for your cooperation.
With Regards,
Client Services
Exential Group
DMCC is dubai multi commodities centre, meaning companies dealing with commodities like gold, metals, etc. So I dont know why FCI was able to register with them. Is EG really registered with Dubai Media City? For now, the only concrete registration that I can see is the DED, thus, its better to direct the complaints to DED.
