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Message : Message from Star Account Director:
Dear Valued Customer,
With reference to the current transfers delay problem and the previous announcement promising a recent solution to this problem, I would like to share with you some information regarding our operations, reasons of delayed transfers, what we have done so far to resolve it and what we promise to keep all our customers satisfied.
I would first like to share some figures with you:
- Star Account started in 2010
- Total number of active accounts till 31/10/2013 is 18967
- We are serving clients from 72 countries.
- Growth rate in number of accounts per month is 31%
- Total transaction requests ( wire transfers) per day is 300-350
- Star Account actual capacity 120-150 transactions per day
This rapid growth in number of clients, volume and number of countries paused a set of challenges to the company, namely;
- We have out grown our legal structure and being offshore is no longer suitable for our size and our growth plans.
- Lower performance than previous years.
- An increase in number of transactions beyond our current capacity due to the increased number of new clients.
- Delay in transfer requests processing that had started gradually since 1/5/2013
- The total number of delayed transfer requests till 30/10/2013 is 749 requests.
Being faced with such challenging we identified and worked on the following solutions:
1- Acquisition of a regulated Forex broker licensed by UAE Central Bank.
2- Acquisition of an Investment Bank registered at the DIFC (Dubai International Financial Centre)
3- Provide internationally accepted debit cards to facilitate withdrawals.
4- Expand our capacity in terms of number of transactions.
5- Develop new trading strategies to enhance Star Account performance.
What we have achieved till now:
1- Conclude the acquisition of Sterling Financial Brokers LLC ( SFB) in Dubai economic department (License number 127521) you can check through www.eservices.dubaided.gov.ae
2- Reserve a new name for SFB : Star Financial Brokers LLC.
3- Conclude the acquisition of Mac Capital Limited DIFC
4- Reserve a new name: Star Capital (DIFC) Limited
5- Finalize the debit cards processing deal
6- Set up a new office in Marina Plaza, Dubai Marina, UAE
7- A new trading strategy providing 8 to 12 % per month has now been live tested for 14 month. According to our standards a new strategy should be tested for at least 18 months.
What we are still working at:
1- Finalizing the transfer of ownership and renaming of SFB with the Central Bank of the UAE (Expected completion date: 7/11/2013)
2- Finalizing the transfer of control and renaming Mac Capital Limited in the DIFC (Expected completion date: 12/11/2013)
3- Integration and testing of debit card processing system (Expected completion date: 13/2/2014)
4- Complete the 18 month testing period of the new trading strategy.
I would further like to inform you that all delayed transfers for more than 10 days will be compensated for any missing trades.
I would like to seize the opportunity to thank you for the trust you have vested in Star Capital over the past years and reconfirm of our commitment and keen desire to provide our clients with world class banking services and best return on their investments.
Sincerely,
Hany Lotfy
Director
Star Account
Dear Valued Clients,
We are pleased to announce that the acquistion of Mac Capital DIFC is now fully concluded.
In December 2013, 100% of the shares of Mac Capital were transfered to Mr. Hany Lotfy, Director of Star Group.
As of the 2nd of January 2014 Mac Capital has been rebranded as Star Capital DIFC Limited and its commercial license has been renewed.
On the 7th of January 2014 Mr. Lotfy became the authorized siganatory of Star Capital DIFC Limited.
We are expecting the new approved activities of Star Capital DIFC Limited to be updated in the coming days.
The acquisition is a major milestone in the plan communicated earlier by Star Capital Director on the 31st of October 2013.
Please expect a communication in the comming few days to explain the mechanism of migrating your accounts to Star Capital DIFC Limited.
You can learn more information on Star Capital DIFC Limited at the Dubai International Financial Center website at Star Capital (DIFC) Limited | Dubai International Financial Centre
In the meantime, the integration between Star Account systems and new banks/ payment providers systems is underway to solve the delayed transfers issue which has reached more than 65 days in some cases.
We would like to confirm our commitment to the compensation plan communicated earlier for all delayed transfers and extend our sincere appologies for the inconvenience this issue has caused.
Best regards,
Star Account Team