First Solution Money Transfer was a UK based private limited company which provided a money transfer service, providing expatriates the facilities to transfer money back to their family in Bangladesh.
In June 2007, the company went into liquidation owing nearly GB£2 million pounds to the public, the majority of whom were from the Sylhet region of Bangladesh.
Campaigns organised by various community leaders and the local Member of Parliament have led to investigations of the collapse by the Metropolitan Police and a review of this industry by the government. Tighter regulation in this sector is expected to be introduced by 2009. The government has also indicated support for the setup of a crisis fund to compensate the victims.
Read more about First Solution Money Transfer: History, Company Structure, Liquidation, Bangladesh Bank, Cause of Downfall, Investigation, Campaigns
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