World Wise closes small accounts

Investment Club World Wise Partners Limited has disclosed that it will be

closing the accounts of clients with account balances of less than $140,000.



The company said it would be refunding clients whose accounts are closed.



In a letter to investors last Friday, World Wise said the decision was a direct result of the high costs associated with managing accounts.



Chairman of World Wise Partners Limited, Noel Strachan, said all affected clients would be contacted prior to the closure of their accounts and given the opportunity to meet the new threshold requirement of $355,000.



Mr. Strachan said World Wise’ intends to apply for an extension of a 14 day injunction granted by the Supreme Court on Thursday.



The injunction, bars RBTT from closing its accounts.



The company has also reportedly applied to the Financial Services Commission (FSC) for a security Dealers license.