PaymentWorld tied to VictoriaBank, continue to play dumb
The next chapter in the TelexFree Trustee, PaymentWorld, Payza and VictoriaBank saga is an opposition filing by PaymentWorld.
As far as the TelexFree Trustee is concerned, PaymentWorld US, PaymentWorld Limited and PaymentWorld LTD SRL are all the same entity.
PaymentWorld US and PaymentWorld Moldova have the same management and oversight personnel.
PaymentWorld US however are claiming they have nothing to do with the two other PaymentWorlds.
So you’re probably wondering then, how did the three entities wind up with virtually identical names?
According to PaymentWorld US;
PW-USA consented to allow PW-HK and PW-SRL to use the “Payment World” name because the principals of those companies liked the “Payment World” name, and in exchange for use of the PW name, agreed to use PW-USA exclusively as their gateway provider.
They “liked the name” did they? Cmon guys, that’s not even remotely convincing.
PW-USA was introduced to Victoriabank by Alexander Korkin, a Russian citizen living in Moscow who had approached PW-USA about setting up an international processing company to partner with PW-USA in placing high risk merchants with overseas banks.
Initially, Korkin suggested that he transact business through a processing company that he established in Hong Kong. PW-HK was formed by Mr. Korkin in Hong Kong in November, 2010.
Victoriabank, however, did not want to do business directly with PWHK, but instead its majority shareholder, Vyacheslav Platon, insisted on forming a new company in Moldova called PW-SRL, and Victoriabank registered PW-SRL as its processor.
Did you catch that? ICS Payment World LTD SRL (PW-SRL), the Moldovan branch of PaymentWorld, was set up by the majority shareholder in VictoriaBank.
But remember, these entities have nothing to do with each other and aren’t in any way connected.
PW-USA was the merchant services provider, VictoriaBank became the acquiring bank, and PW-SRL was the third party processor.
However, PW-SRL used PW-HK as the settling entity. Therefore, when VictoriaBank remitted funds back to Payza, it went via PW-SRL to PW-HK and then settled to Payza.
Neither PW-USA nor any of its members or owners held any ownership interest of any kind in PW-SRL or PW-HK.
The use of the name “Payment World” by the overseas entities, while regrettable in hindsight, was intended merely to enhance the marketing of the “Payment World” brand amongst overseas banks.
Clear as mud?
That PaymentWorld exists as three separate shell companies for the sole reason of thwarting recovery efforts against it, should be painfully obvious by now.
VictoriaBank are clearly in cahoots, as they’re tied to PaymentWorld through a majority shareholder.
And now we’ve got PaymentWorld US playing dumb, claiming they don’t and never had any control over funds they processed on behalf of Payza, who accepted Zeek Rewards Ponzi funds.
Hopefully a decision on the matter is made soon, with everybody who played a part in making off with $13.1 million in stolen Ponzi funds held accountable.
Footnote: Our thanks to Don@ASDUpdates for providing a copy of PaymentWorld US’ Response in Opposition to the Receiver’s Contempt Motion, filed June 14th, 2016.