First Solution Money Transfer
In July 2007, a British-based firm called 'First Solution Money Transfer' went into liquidation. Company chairman, Dr Fazal Mahmood, admitted the business owed hundreds of thousands of pounds to the public. The firm claimed it had lost control of the money it handled due to a lack of regulation in this fast-growing sector of the economy.
The company was heavily used by the Bangladeshi community to send money to relatives in Bangladesh. However, huge amounts of this cash were lost. The scandal provoked anger amongst the community. Dr Mahmood received death threats and his home was pelted with eggs. Local leaders asked tough questions about the business's management, and the MP George Galloway raised the matter in the House of Commons. It eventually emerged that the company had lost an estimated 1.7 million pounds of public money.
Read more about this topic: Business Of British Bangladeshis
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