thank you,will still cross my fingers for all of you.
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warning of Sterling Payment Services Limited sterlingsafepayment.com
- Thread starter cyprus123
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Sterling Bank are crooks. Since 3 years they have the same way to steal from their clients. They saying its there correspondant bank issues but Its their way to do it. I spoke with few of their clients that have the same problems. They cannot get their money out for months. It is a scam. Hong kong police departement said that they have a lot of complains already and that their license will be suspended.
Anybody that has the same issues , i will be happy to hear your side of the story.
Anybody that has the same issues , i will be happy to hear your side of the story.
Dear Mikhal,
Thank you for your information. I wonder what will happen to everyone's funds if Sterling is suspended? I have alot of money with them and very concerned. Unfortunately I don't think there is anything that can be done. Please let me know if you get any more information.
Dear MK218
You can contact me by PM as we will be able to talk about the evolution with Sterling
Last edited: Feb 16, 2022
I am just a client of Sterling that lost a lot of money with them and would like to speak with people in the same situation then me
Thanks
What I have been told is that a bank they invester in is having problems. I am currently praying I get my money back. If sterling bank is reading this now I will gladly sing their praise if they can give me my money. My startup really suffered because of them.
Well, consider them to be on a bank run.
Sterling group is leaded by a Russian passport holder with known ties to criminality & corruption...
I may later decide to share some information about some of those who run this para-banking-para-ponzi 🙂
Sterling group is leaded by a Russian passport holder with known ties to criminality & corruption...
I may later decide to share some information about some of those who run this para-banking-para-ponzi 🙂
Does anyone know smth about any legal issues against Sterling group or it's owners? I make some research that may help victims in future
Hello!
First of all, we would like to express our apologies for the inconveniences caused by the delay with processing payments ”“ we are working to resolve this issue as soon as possible.
As part of our commitment to transparency, we would like to explain what has caused the issue as well as update you on the current situation.
When our relationship with our former correspondent bank (Mugan Bank) has reached its critical level, the Company decided to partner with Lucayas Bank (PIB).
Unfortunately, Lucayas Bank went into Statutory Administration on the 27th of October, 2021 without any prior announcements to the public or its clients (please see the press release attached). As a result, the Company did not have a chance to prepare for such situation and mitigate the risks.
All funds of Lucayas Bank clients, including Sterling's, have been frozen. The bank assigned to purchase all assets of Lucayas Bank is Brittania Bank (Britannia Financial Group). This is a procedure that takes months to complete, making the process of recovering funds quite lingering, despite our best efforts.
In the meantime, the Company decided to work on an alternative solution and, after complex and lengthy negotiations, established relationships with a new correspondent bank on the 11 of April, 2022 and is working on partnering with another bank to further expand our network of correspondent banks.
Account opening for an MSO (Money Service Operator) takes more time, efforts, and background checks than for a conservative financial institution ”“ however we assure you we are doing our best get this finalised as soon as possible.
We honour the agreements reached with our clients and act accordingly. Any delays have happened were for subjective reasons, often beyond our control.
We understand that some of the clients are frustrated with the aforementioned delay and are considering to call for Sterling's MSO license deprival. Should this happen, a public structure will take over and will manage the situation with Lucayas Bank/Brittania Bank themselves ”“ a process that may take years.
We assure you our team of professionals is working on this on daily basis. Our Customer Support service is in touch with all clients directly. We are only asking you to give us enough time to resolve the situation and process the outstanding payments as per our agreements with clients.
Should you have any further question, we encourage you to get in touch with us by email - [email protected]
Yours respectfully,
Sterling
First of all, we would like to express our apologies for the inconveniences caused by the delay with processing payments ”“ we are working to resolve this issue as soon as possible.
As part of our commitment to transparency, we would like to explain what has caused the issue as well as update you on the current situation.
When our relationship with our former correspondent bank (Mugan Bank) has reached its critical level, the Company decided to partner with Lucayas Bank (PIB).
Unfortunately, Lucayas Bank went into Statutory Administration on the 27th of October, 2021 without any prior announcements to the public or its clients (please see the press release attached). As a result, the Company did not have a chance to prepare for such situation and mitigate the risks.
All funds of Lucayas Bank clients, including Sterling's, have been frozen. The bank assigned to purchase all assets of Lucayas Bank is Brittania Bank (Britannia Financial Group). This is a procedure that takes months to complete, making the process of recovering funds quite lingering, despite our best efforts.
In the meantime, the Company decided to work on an alternative solution and, after complex and lengthy negotiations, established relationships with a new correspondent bank on the 11 of April, 2022 and is working on partnering with another bank to further expand our network of correspondent banks.
Account opening for an MSO (Money Service Operator) takes more time, efforts, and background checks than for a conservative financial institution ”“ however we assure you we are doing our best get this finalised as soon as possible.
We honour the agreements reached with our clients and act accordingly. Any delays have happened were for subjective reasons, often beyond our control.
We understand that some of the clients are frustrated with the aforementioned delay and are considering to call for Sterling's MSO license deprival. Should this happen, a public structure will take over and will manage the situation with Lucayas Bank/Brittania Bank themselves ”“ a process that may take years.
We assure you our team of professionals is working on this on daily basis. Our Customer Support service is in touch with all clients directly. We are only asking you to give us enough time to resolve the situation and process the outstanding payments as per our agreements with clients.
Should you have any further question, we encourage you to get in touch with us by email - [email protected]
Yours respectfully,
Sterling
Attachments
Dear community!
On behalf of our company we'd like to warn everybody who intend to initiate any kind of partnership with Sterling Payment Services (Sterling).
Few month ago we opened a business account out there and subsequently encountered to permanent delays in processing our outgoing transactions. All our payment orders were put on hold and we couldn't even withdraw or transfer those funds to our alternate corporate accounts. Eventually we faced a huge cash gap due to few thousand K EUR to be frozen on our account. It cost us huge financial and reputational expenses since we weren't able to fulfill our contract obligations towards our counterparties. Our business activity was just about to be blocked.
We took numerous attempts to resolve that issue with Sterling's managers and owners and frankly speaking they approved first tranche for 40K EUR to be released. We considered that step rather promising and decided to wait for a while until Sterling would consolidate the rest of funds for payment. However since that all our further requests and appeals have been ignored cynically by their management.
We take all the utmost efforts to resolve that issue in the most positive manner for the both sides but they're not leaving any chance to us. We just want our funds back!
If anybody has already faced the same issues and has some helpful information please don't hesitate to contact me.
Last edited by a moderator: Aug 8, 2022
On behalf of our company we'd like to warn everybody who intend to initiate any kind of partnership with Sterling Payment Services (Sterling).
Few month ago we opened a business account out there and subsequently encountered to permanent delays in processing our outgoing transactions. All our payment orders were put on hold and we couldn't even withdraw or transfer those funds to our alternate corporate accounts. Eventually we faced a huge cash gap due to few thousand K EUR to be frozen on our account. It cost us huge financial and reputational expenses since we weren't able to fulfill our contract obligations towards our counterparties. Our business activity was just about to be blocked.
We took numerous attempts to resolve that issue with Sterling's managers and owners and frankly speaking they approved first tranche for 40K EUR to be released. We considered that step rather promising and decided to wait for a while until Sterling would consolidate the rest of funds for payment. However since that all our further requests and appeals have been ignored cynically by their management.
We take all the utmost efforts to resolve that issue in the most positive manner for the both sides but they're not leaving any chance to us. We just want our funds back!
If anybody has already faced the same issues and has some helpful information please don't hesitate to contact me.
Last edited by a moderator: Aug 8, 2022
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