RBTT gets OK to close World Wise Accounts

The Supreme Court has given RBTT the green light to go ahead and close World Wise Accounts. World Wise was fighting to keep these account open but today the court ruled in RBBT’s favour. 

It is reported that RBTT had given World Wise notice of its intention from as way back as November 2007. After the ruling, World Wise applied for leave to go the Court of Appeal but that was turned down as well.

World Wise has been troubled in recent times.  Since June it has

  • announced that it would suspend payments for 60 days,
  • had its Managing Director Resign
  • sent a e-mail to clients asking them how much money they had withdrawn or deposited
  • RBTT given the all clear to close its accounts 

In better days, World Wise Partners paid up to 12% per month to investors, while claiming it traded in foreign exchange. World Wise Investments had applied to the FSC for a license, a request that is still pending.

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