Dear Clients,
All previous statements from RCM and the Jubilee Group are under suspicion regarding their truthfulness. The reasons for such a stance are as follows:
- They have never supported their statements with any evidence.
- They have never been willing to communicate with the victims’ legal representative.
Therefore, we must cautiously approach this particular communication from Mr. Bobby Low. Especially considering that his status within the Jubilee Group is undefined. He himself claims to have received a severance package and is no longer involved in that project. I quote, “Company has sent me a severance letter to remove me from my executive positions, but I will continue to connect and help everyone just like what I have done before.” Thus, it seems he is attempting to obscure the truth.
Short summary of the recent developments:
- RCM has filed for bankruptcy.
- Jubilee Group has allegedly sued RCM, and the proceedings have concluded, but no one has seen the verdict.
- Jubilee Group is unable to recover the funds deposited with RCM.
- Jubilee Group is filing for bankruptcy by the end of June 2023.
- Operations have ceased, and an inventory of assets is underway.
- Jubilee Group allegedly intends to compensate the victims during the liquidation process (provided there are sufficient assets).
Attorney’s perspective:
Liquidation is the process of winding up of company’s affairs by disposing-off assets, managed by a liquidator, in which creditors-victims are compensated. It is carried out when there are funds in the company’s account to satisfy the creditors.
Bankruptcy is the process of winding up a company when there are no funds in the company’s account to satisfy the creditors-victims, i.e. it can be understood as a financial state, whereby an entity is declared insolvent by the court. The bankruptcy proceedings are overseen by a bankruptcy trustee appointed by a government authority. The trustee determines the distribution of the company’s assets if there are any remaining, not the responsible individuals from the Jubilee Group.
According to Mr. Bobby Low’s statements, whether Jubilee Group is heading toward bankruptcy or liquidation is unclear. However, I believe it is heading towards bankruptcy. I reiterate that I approach all statements from Mr. Bobby Low with caution.
This seems to be an attempt by the responsible individuals to protect themselves from criminal prosecution for alleged fraud, unauthorized trading, and money laundering. I assess that the money has been probably moved to undisclosed wallets, and the ongoing criminal proceedings will likely confirm the accuracy of my assumptions. It is reasonable to expect that the funds in these wallets and other assets discovered and frozen by the prosecutor during the criminal proceedings will be utilized for compensating the victims.
If you are a victim of this fraud, you can still file your claim. The criminal proceedings are underway.
Our office will be on holiday starting from 19.06.2023-03.07.2023. During this time we will be operating at the reduced capacity and will be dealing only with urgent cases.
Zoran Miljakovic
Attorney at Law