World Wise Partners case put off

World Wise’s case requesting that the courts bar RBTT from closing its  accounts has been put off and will be heard on June 10, 2008.  

More details are emerging. It appears that RBTT informed World Wise Partners from November 6, 2007 of its intention to close their accounts. It then appears that in April 2008, RBTT moved to closed the accounts and it was at that point that World Wise Partners went to the court asking that RBTT be barred.

World Wise Partners is currently closed for restructuring leaving most partners nervous and upset while some are trying put on a brave face and are “keeping the faith”. 

Interestingly their continues to be silence in the OLINT NCB matter, where OLINT has an injunction barring NCB from closing its accounts.

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World Wise and RBTT in Court Again

World Wise Partners and RBTT are again in Court today to see whether the Supreme Court will grant another injunction or extension barring RBBT from close World Wise Partners’  accounts. The Injunction first issued on May 15, 2008 was extending last week May 28, 2008. In meanwhile we await word from the FSC on the status of World Wise Investments’ application to the FSC for a securities dealers license.

While we await this information, it is interesting that we have still not heard anything on  the Olint NCB matter. It appears the deliberations are taking a long time. Olint it is rumoured has suggested to its customers alternate offshore banking arrangements in case its accounts at NCB are closed.

World Wise Partners claims that they trade in Foreign Exchange and that only 20% of clients funds are used while the rest, 80%, is secured. These claims cannot be independently verified. 

Over the past week-end, In a move, remarkable similar to Cash Plus, World Wise announced as of June 2, 2008,  they would not be paying out or taking in any money for the next 60 days, while they restructure,test software,  carry out audits and move offices. This latest move has many investors questioning the operations of World Wise. The Marketing manager insist that World Wise is not broke but many are wondering whether or not World Wise is about to collapse.

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