World Wise payouts soon

World Wise Partners is reporting that it will start making payouts to its client this Friday.



The company was expected to start making the payouts last month when it reopened following a two-month suspension, however it failed to do so.



In a communiqué issued to its clients today, World Wise said because of a run on its offices demanding repayment it had to undertake a special payout plan without notice.



It also said it had to put in place what it calls huge administrative resources to deal with the demand.



According to World Wise, it will be making payouts in two stages: Stage one, which will be the disbursement of principals and Stage 2 which will be the payments of profits.



World Wise says this system will ensure that each client recovers his/her principal first.



While the principal payouts will start on Friday, World Wise has not said when the profits payouts will begin.



The investment club says it will temporarily retain the profits to allow for continued foreign exchange trading.



World Wise say it should be able to put in place a practical payment schedule by February next year.



It also says it will be closing the on-line portal on Friday.



The portal is to be reopened on October 6 2008, for clients to continue to make requests for their payouts.



More than a month ago the Financial Services Commission issued a cease and desist order on World Wise barring it from collecting further money from the public.



That order is still in force, but it does not prohibit the investment club from making payouts.