Someone asked me to dig up about Hong Kong company with the name “Best Treasure Limited” that Wisefund claims that the HK company providing a buy-back guarantee for some loans.
*Source of the letter of assurance comes from www.forofintech.org ( https://www.forofintech.org/attachments/wisefund/1800d1566468960-funcionamiento-garantia-recompra-wisefund-letter-of-assurance.pdf )
*Source of the screenshot taken from Jørgen’s reply (https://financiallyfree.eu/portfolio-update-december-2019/ )
And I take these printed documents (letter of assurance, Jørgen’s reply screenshot. Both stated the address of Best Treasure Limited) and went there, try to figure out below issues:
- Does the company exist?
- Does the person in charge know Wisefund, any contract/letter signed between them?
When I went there I find out that there is a Directory listed many other small companies on the wall. The most top one called CJ group corporate services limited (https://www.cjgrouphk.com/contact). Based on the website info, the company address as same as Best Treasure Limited.
One of their services is helping others to get a registered company address. So you can see the directory list out many other registered offices.
Then two staff came out. I record our conversation, and I write it down below. Some background info like Wisefund and the buyback will be skipped. The person A who responded to my question is the person in charge of CJ group corporate services limited:
Me: Does the company “Best Treasure Limited” exist here?
Person A: Yes, there is a company called “Best Treasure Limited”.
Me: Is the person in charge here?
Person A: No. This is just a registered address.
Me: Will the person in charge come back here?
Person A: The person in charge does not work at this place. And the person in charge does not come here to work. This place is just for people to get a Hong Kong address.
Person A: To put it simply, So you are one of the victims of the platform?
Me: No, Hong Kong citizens can not invest through this platform. I just get these materials through the Internet.
Person A: So you are not a lawyer.
Me: I’m just a citizen and I just want proof that this company is fine.
Person A: Oh, oh. OK.
Person A: The person in charge of that company is not in Hong Kong.
Me: So he is not a Hong Kong citizen?
Person A: He is a Hong Kong citizen but the person is not in Hong Kong. He does not stay in Hong Kong for a long time.
Me: I understand. I can go to Companies Registry to get the name of the person in charge.
Person A: Yes, you can find the details of the registered company.
Me: So how can I let other people know that this company “Best Treasure Limited” is a company that using someone else address?
Person A: We are the so-called Secretary Company, For example, someplace like accounting firms and solicitors, you will see the “registered office” stated in the directory outside their office. Those companies actually using a registered address. Some China people and foreigner they may want a registered address in order to create a Hong Kong company. And most of them don’t have an address in Hong Kong so they will use our company secretary service.
Me: After I googling it and I know that this company (pointing at CJ group corporate services limited) is using company secretary service?
Person A: I’m the person in charge of this company. This company can use its own address to provide service to other companies like receive letters.
Person A: I can only say that this company (“Best Treasure Limited”) just using a registered address through our company secretary service. As you can see (pointing at the directory, try to find the company “Best Treasure Limited”), mm… it does not exist. This company…
Me: What do you mean about not exist? I know that the status of that company is still active.
Person A: Oh, I’m not sure but it seems that this company is about to cease the business. It probably applied a cancellation of business registration.
After I got the “Best Treasure Limited” detailed info through the Companies Registry, I did see a Chinese name with HK identity number, the personal address is as same as Best Treasure Limited, I will not pose the screenshot here because it may against Hong Kong Law (Data Privacy Law). So overall I can not confront the person who in charge of Best Treasure Limited and ask Wisefund-related questions.
To conclude, the company “Best Treasure Limited” is just using another company address to register as a limited company. And according to the person in charge of the secretary company that the company “Best Treasure Limited” possibly applied a cancellation of business registration so the name of the company “Best Treasure Limited” not listed in the directory.
I want to share my thoughts here since some of you may still think Monethera and Wisefund are trustable. Maybe my English is not that good so some of my sentences seem not that convincing. So now please read the below sentences seriously.
Using a Hong Kong company as a buyback guarantee – The HK company, no matter limited or not, which can be dissolved easily. HK company provide buyback guarantee doesn’t hold water at all.
I have evidence to prove that the RICHLY PACIFIC INTERNATIONAL LIMITED already dissolved and Monethera proves me with nothing.
I don’t have proof that Best Treasure Limited have problem, but will you trust an HK company provide a buyback guarantee which the company just uses another company registered address, and not even a real office? Will you?
So why they choose HK company to provide a buyback guarantee? I don’t know, maybe it is the oriental “veil of mystery” that can conceal the truth and I can’t believe it actually works for people in Europe.
So all HK companies that provide buyback guarantee can not be trusted? No, if the company as big as Li Ka-Shing’s Horizons Ventures, which invested N26, Zoom, etc. Then you can give it a try and I will shut my mouth and say nothing.
Now I would like to focus on more P2P/Crowdfunding platforms with FCA regulated. Better than nothing.
Maybe it is time to raise a fund of reclaiming investments because Monethera disabled the buyback function, and Wisefund on hold buybacks because of a lack of liquidity. It’s now or never.