Question Koalapays stole our money: looking for options on how to go after them

[pipona]

We've had a business account with Koalapays for several years. Just to be clear, our business is legit and we've been fully transparent with them, no funny stuff with money laundering, darks, or false sources of funds. Over the past year they've gone really downhill, slow communication, not executing payments, etc. We have a 5 figure balance there (I won't be any more specific because I assume they have spies even inside this mentor group) and have been dragging their feet about withdrawing our funds for months. Now they have completely cut off communication.

Should we give up and consider this hopeless?
Or do we have some recourse either from the regulator in Czechia or hiring a Czech lawyer to go after them?

Any helpful advice would be dearly appreciated.

 

[lostguy]

To hire a lawyer may be your best option. However, what you need to know is that there is a lot of corruption in the Czech and the lawyers there are expensive. You may approach one to get an idea of the costs.

Once you have the costs for the lawyer, personally I would find a subscription to some of the financial services that offer credit ratings of companies to see if you are just wasting good money to hunt bad money. Means, if this company is already on the way down, there is not much you can do. If they are in full operation and may have capital it is worth to go after them, if you can effort the lawyers costs.

 

[JohnnyDoe]

I would write off the amount if lower than €30k, it's just not worth the time and legal fees to pursue them. I don't know about litigation in Czechia, but usually going through the full process until trial costs at least €100k, and fees can easily mount if the other party wants (easy for them if they employ in house counsel). You could try if a letter and some legal threats suffice, otherwise move on.

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[Sols]

KoalaPays used to be called UPayCard before they restructured and changed name following legal troubles and severe reputational damages.

You can try going through official channels to file a complaint but your chances of success are low. Going through a lawyer will cost thousands, so you do the math on whether it's worth it.

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This is the probably the answer to your question.

 

[jafo]

pipona said:
We've had a business account with Koalapays for several years. Just to be clear, our business is legit and we've been fully transparent with them, no funny stuff with money laundering, darks, or false sources of funds. Over the past year they've gone really downhill, slow communication, not executing payments, etc. We have a 5 figure balance there (I won't be any more specific because I assume they have spies even inside this mentor group) and have been dragging their feet about withdrawing our funds for months. Now they have completely cut off communication.

Should we give up and consider this hopeless?
Or do we have some recourse either from the regulator in Czechia or hiring a Czech lawyer to go after them?

Any helpful advice would be dearly appreciated.
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Did you ever recover your money?

 

[pipona]

No. Never bothered to get lawyers involved. They have probably completely disappeared by now and there is no recourse anymore in Czech courts to be worth spending money on lawyers.

 

[Spinat]

No it is hard to get any lawyer in Czech that you can trust or is able to win a case unless you have lots of money!

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[jafo]

pipona said:
No. Never bothered to get lawyers involved. They have probably completely disappeared by now and there is no recourse anymore in Czech courts to be worth spending money on lawyers.
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If we knew who the directors/owners were, we could avoid them at all costs since we know that nobody is going to penalize them anyway. If they steal €1M and pay 50% taxes, we can only assume that public servants who benefit from this will hardly take a second look. SMH!