Dear Members ,
It has been some time now since we all received the Restructure Email from the company , and since its clear now that the direction of the company is to undergo a complete restructure for the business in general in order to be able to bring back the normal operation to what it was before this crisis .
The current changes of course defers in matters of acceptance with us clients and that is due to the fact of every client individual situation , one thing is very clear that we can all learn something out of it and it is that anyone who is depending on EG as a source of income was wrong in both theory and practice!
In theory no one should depend on an investment scheme as a life support income and in practice for the ones who has been doing so and the numbers are great from what I understand from the PM's in this page and from the information I gather from the company , with all due respect but none should have done so as with the current events within the company the results toward the individuals who depends on the investment as an income is devastating as many have loans and other life necessities that depended on the income generated each month , the disruption that took place in the payment schedule has caused a great deal of damage on both Clients and Company , clients who cannot meet their obligations and company who is under a lot of pressure from all sides , the company did try to fix the situation through the upgrade however the continuous pressure from some clients over social media or different channels has made it difficult for the company to achieve the results of the upgrade which initially should have led to normal operation in time .
I have every sympathy for anyone who is sustaining damage from the current situation , however we need to look at the bigger picture and live reality as it is not as we wish it to be , therefor we need to understand exactly the process of restructure and what does the company aim to achieve out of it to be in the best interest of both parties. I have received 100's of inquiries that needs to be cleared as many clients have unanswered doubts in the last Email from EG about the complete restructure. I will list the queries which occurred the most as questions repeatedly sent by members and of course all the answers are backed up by the company.
Q1: The aim of the restructure and how it will bring back the company if the banking limits are not changed ?
A:The aim is to cut down the number of clients to less than half to be able to cater the client base with the transfer limitations that the broker faces in Dubai as the Australian network was shut due to a segment of clients who complained directly to banks, therefor EG is welcoming any clients who wishes to close their account(s) and actually encourage clients with large accounts numbers to at least close half of their accounts to help the company reduce the client base . This practice will limit the account numbers to an acceptable number within the Dubai base which in turn with periodic payments will help EG achieve normal operations again .
Q2: When will clients start receiving their profits and will the profit from now until Jan be cumulated ?
A: The time frame which is mentioned in the email for clients to close their accounts is up to the end of august , after that EG will assess if they have reached the desired number of accounts which can be catered by the transfer limits available knowing that they will continue to try and open more channels . At that time EG will announce if they require more accounts to be closed or the operation has reached its target, the clients will be able to put in a withdrawal request in JAN to be received in MARCH/APRIL as the payments will be based quarterly .
The profit will be cumulated for all the months traded and has not been credited to the clients accounts .
Q3:What happened in Sep2016 after the company has reached the set date for closing accounts until the end of August?
A: Once the company has finalized the process of mass closing all the accounts targeted as in numbers and as in Segments ( clients who caused damage to the company in various ways ). The operation of detaching all these accounts from the Master account will start from the Broker side along with all its formalities as in back office procedures of separating the accounts and as re-evaluation of the leverage and the margin in order to set up and update the trading strategy and all its technicalities to ensure safe trading environment , this process is a very sensitive process and trading might sustain a period of freezing until the broker gives EG the green light to start trading again and in concept it should not be a lengthy operation and efforts will be taken to minimize the disruption of trading until the process is finalized.
Q4:why is the company giving a period of lengthy months for the accounts to be credited back to clients and not as the original contract stated ?
A: The closing procedure for the moment is a time frame of nine to twelve months at the day of writing this post , the time frame was six to nine months initially and due the big numbers of accounts closure targeted and the process of detaching a large leverage from the master account without posing dangers over the trading habits, a set date must be given in accordance with the broker requirements to make sure the ongoing clients capital is safe from sustaining any loss in trading that could be irreversible due to the lack of leverage needed in specific trading scenarios.
Therefor slots are being allocated and due to the large client base closures are of a very large amounts which can only be credited in such a time frame .
And for why the 20 working days period of returning the capital is not being met and as every single client claim , the contract is written in a way to address normal operation , however since the beginning of this crisis times were never normal as in terms of operations , therefor to explain this from my side, think if a bank has 1000 clients, all of them come in the same time to collect their money , will the bank agree to release the money ! the answer is no of course , now the case of EG is even more sensitive as the money is in a Master account and its a leveraged product ! Which means it is governed by the broker who in turn is governed by liquidity providers . once any client who is not knowledgeable about leveraged products do a little bit of research on how it works, they will understand then what EG is facing and why the 20 working days cannot be met under this situation from the start , considering of course that for Six years EG have always respected the contract in normal operations .
Q5: I had many requests from members who sent me PM's asking about pursuing the company legally as they have breached the 20 working days capital return as the contract state, what are the chances of getting back the capital faster ?
A: I'm not a legal consultant and what I state in this answer only project my own opinion and research !
If anyone choose to go legal against EG, then this is their right to do so as every member has a different view of the situation , however there is few points that everyone must be clear about and they are :
1-for whoever is promoting the COLLECTIVE case in the courts of Dubai , then it is worth mentioning that you are being misled for two reasons , either a lawyer who wants to make money no matter what or someone who is commissioning on a lawyer !
Only individual cases can filed in court which means each for his own .
2- A court case is an expensive lengthy process that could easily step over a year , try and check with a lawyer who is a friend and not a lawyer who would say anything to collect .
3-EG have as they mentioned already acquired a court auditor who did audit all of their operation and the broker operation and they were proclaimed legit in the report which was in turn been applied to court in a civil case to announce the business LEGIT so no criminal cases can be filed against EG as some lawyers or members are advertising .
4-Some of the clients who has already been to Dubai courts and found out that suing a company is not a game and its both sides point of view has been Defaming the courts in their comments and I advise them to be very very careful on what they say on social media !
5-The most important part of course has been ignored or unread by most clients in the original contract ! and I will state it here for everyone's knowledge :
*Clause 5
Responsibilities of our broker: The Client acknowledge that Tadawul ME Managed Accounts Program will transmit orders on his /her behalf through our broker. Tadawul ME Managed Accounts Program’s responsibilities with respect to the Client's transactions shall be fulfilled when a complete order has been transmitted to our broker. Tadawul ME Managed Accounts Program shall not be responsible for any acts, omissions or errors of our broker in executing such orders.
*Notices - Tadawul ME Managed Accounts Program holds the right to amend this contract at the discretion of the Company, at any given time considering the interest of both the parties.
the point is if you read the two previous Clauses then it is clear that EG can say we don't take responsibility, but clearly they have as they are trying to fix the situation repeatedly until the final full restructure and in the second point which everyone of us has signed it clearly gives them the edge of changing the entire contract , however it was never done , and only an amendment of the upgrade was established , this all in my view and no one is entitled to it of course clearly state that this company does have every intention to go back to what it was !
Finally I hope I answered and I covered most of the queries which has been sent to me and which the company have broadcasted, I sincerely wish that every client who contributed in increasing this crisis will be pushed out and the clients who stays in are the ones who help the business to be back to normal as we all appreciate the financial benefit this INVESTMENT has added to our SAVINGS.
*1) **** Head, we made investment decisions and plans based on what you were proposing. So we planned accordingly, don't tell us we were at fault.
*2) You Marc always blame the clients and not the company. No wonder so many unhappy clients. Your RM's DID TELL MY FRIENDS TO TAKE LOANS AS THEY WILL BE PAID BACK WITHIN 10 to 11 MONTHS. So don't tell us that wasn't proposed.
*3) You are not trying to fix the situation, you are just buying time to so that others can flee the responsibility and leave the country.
File cases upon cases, and we won't give up. You guys at EG are living the high life whilst we clients are suffering. So Yes we will pursue you till the end of the earth and make it a living hell!
Screw you guys on the top who are earning and minting millions whilst we at the lower bases are suffering.
GooglieDoo
if this is how they write their client communications, i wonder how good they do their fx trades 
