Thread: official announcement by Plexpay management

I found this post in other forum:

Quote:
By now it is clear to everyone that the events of the last two weeks have created big problems for Plexpay Network and its members.

The need for information amongst the members and investors has of course been paramount, but it has not been possible during this period to provide substantive information beyond that which has been communicated. The situation we find ourselves in has been difficult, to say the least.

Since the reorganization of the Management of Plexpay we have been working in a goal-oriented fashion for the last week and a half. We now have a better overview of the entire situation and we are now able to report back to the members with some precise information.

So what has really happened?

On September 20th, 2005, the Police confiscated Plexpay's possessions. At the same time they took the President of the company into custody and charged him with embezzlement. The confiscations were extensive; as they included all financial statements for all of Plexpay’s companies; computers, servers, contracts, documents, cell phones and more.

It is very important to emphasize that Plexpay and companies linked to Plexpay have not been charged, but unfortunately were indirectly drawn into the case.

On September 22, 2005 -- there was a meeting held by the board of directors of the company where the former President was dismissed from his position and all proxies were revoked. Limited proxies were also given to the new acting manager. It was also decided at the same meeting to initiate an internal investigation as soon as possible to clarify the situation at hand and also to assist the Police in their investigation.

Quote from the meeting of the board:

"The board views the situation with grave importance and finds it necessary to carry through an internal investigation to get a complete overview of the situation the company is in today."

Immediately after the confiscations have been suspended the company’s accountant will in cooperation with the acting manager initiate an independent run through of the dispositions made and which has caused the shutdown.

After the completion of this initial process a report will be given to the board and the registered public accountant of the company which will contain the following:

1. Detailed review as to whether the company has performed censurable transactions or if there are other conditions linked to the management of the company which are not in accordance with existing laws or business ethics.

2. Run through of the companies routines concerning operation administration, attestations, proxies and quality assurance of the company as of today.

3. Detailed recommendations about initiatives and the completion of quality assurance of the company.

The board’s decision on the above was unanimous.

The board of the company will continuously monitor the situation through the acting manager and the lawyers of the company. This process is well underway and reports will continuously be sent to the company's lawyers and the Police.

The confiscation:

After the request for ‘suspension of the confiscation’ by the company's lawyer was denied by the Police on September 27th, 2005, the lawyer sent a request to Trondheim Tingrett. A ruling is expected on this on October 6th, 2005.

Upon the suspension of the confiscations, or alternately parts of the confiscations, the company will be able to speed up the process of sorting out the exact current situation of the company.

Loyal bank:

The process of opening the member’s accounts with Loyal bank is in progress at the same time. We understand the banks wish to protect our customers funds, but do not see the need for this as the only one able to access an account is the owner of it. We are putting a lot of effort into this situation and have a good dialog with the bank and hope for a speedy positive solution. We can only apologize for the worries experienced by our members during this period.

Embezzlement

It is very regrettable that the Police have not invalidated the figures mentioned by the media regarding possible embezzlement of company funds. Plexpay does not want to minimize the situation at hand, but with the information we now have collected and analyzed it is clear that the actual amounts involved in the case are fractions of what have been mentioned by the media. The same goes for the substance of the case at hand.

Further actions:

As mentioned earlier the board of the company will initiate a full internal investigation of the operations of the company as well as an audit of its financial status, independent of the Police's investigation. Before we put the company back online all the parts of the operation will have to be quality assured. The progress of this work is off course partially dependent upon when the confiscations are suspended and the company’s computer equipment made ready for operation.



When Plexpay’s management feels confident that the company’s operations have been quality assured in every part of its daily functions, including its legal framework, capital security, project development and more, then normal operations will be resumed.

A partial assessment made possible by the work that has been done thus far shows that the liquidity of the company appears to be good and that the projects the company has invested in appear to be solid with a good marginal rates of return.

The company understands the members need for information which will be easier for the company to deliver in the future. We also have the greatest understanding of the frustration and unhappiness the members have over the situation we're currently in, as we are sharing these emotions with you all.



In addition to all the efforts extended by hired experts, the board and employees, we would like to send a special thank you to the members of the network who have used their skills and connections to quickly gather information we have needed. A lot of costly time has been spared and we deeply appreciate this assistance.

We are working hard with the sole purpose of resuming normal operations of the company as soon as possible. We wish you all the best in the world and promise regular updates as the process moves forward and further information becomes available.

Best Regards

Plexpay Management
Unquote:

Thanks PineTree.

Could you tell me that from which other forum u took this and how genuine is the update?

U might even PM me.

subodh

Originally Posted by subodh

Thanks PineTree.

Could you tell me that from which other forum u took this and how genuine is the update?

U might even PM me.

subodh

This wa posted on Trade-Man forum, the only reliable source of info from PlexPay.
It was also sent from my upline who have close connections with the company.

Well, one thing is very clear. I am not a PLEXpay investor, so have no bone to pick, but there is a pattern here. The "BIG" boys don't like the "LITTLE" boys horning in on their territory, so they have to try to "legally" get them! First PIPS, then trying to bring down GINS and now PLEXPay. The message is clear: Stay off my turf, or else!

hzchoice

Thanks Investor.

Originally Posted by hzchoice

Well, one thing is very clear. I am not a PLEXpay investor, so have no bone to pick, but there is a pattern here. The "BIG" boys don't like the "LITTLE" boys horning in on their territory, so they have to try to "legally" get them! First PIPS, then trying to bring down GINS and now PLEXPay. The message is clear: Stay off my turf, or else!

hzchoice

Whatever did finally happen with GINS??

Thanks Pine Tree---I was also wondering if I could also have the name of the form this notice came out of. With the lack of information about Plex it is very hard to find anthing pretaining to the company. After reading the message that the company has made, it is quite apparent it could take a long time before anything comes out of this and any information would be appreciated. Thanks

You can also try this link: http://team-freedom.skogsoy.com/phpBB2/memberlist.php

Please go to the link below:

http://www.plexpay.trade-man.com/

Hey guys, you think rol is still going?