In the intricate world of Forex trading, where fortunes are made and lost with a click, Ahabyoona Stanley’s journey took an unexpected turn.
This is the account of his legal battle against HF MARKETS SV LIMITED and HF MARKETS LIMITED, formerly known as HOTFOREX.
Ahabyoona ventured into Forex trading in 2017, selecting HF MARKETS SV LIMITED as his brokerage company operating from Mauritius with a global footprint, the company provides a platform for online forex trading, connecting traders to the dynamic financial markets across the globe but mostly in countries like Cyprus, South Africa, Kenya, Nigeria,Seychelles and the UAE.
In October 2019, Ahabyoona faced accusations of money laundering by the said broker regarding the funds he traded, which were pooled under PACS Capital LTD—a company certified by Uganda’s Financial Intelligence Authority to combat money laundering. It’s crucial to note that Forex trading is a legitimate business in many countries due to it’s nature and mode of operation.
Governments, Institutions and banks are key players in this industry. The nature of the business plays a pivotal role in the global financial landscape, with vast volumes of close to $7 Trillion traded daily.
Despite PACS Capital Ltd’s legitimacy being established through live demonstrations to the FIA, HotForex suspended Ahabyoonas’ trading accounts, obstructing his withdrawals.
Attempts to reason with the brokerage company resulted in unauthentic/ fake SWIFT transfer receipts and frustration from them.
Turning to government institutions ; Ahabyoona sought help but found limited assistance.
In December 2020, the situation escalated as HotForex, through their lawyers AF MPANGA ADVOCATES, previously BOWMANS filed a case of Cyber Harassment against him at CID Kibuli for reasons never understood to date.
The legal battle unfolded in the High Court of Uganda, Commercial Division, with a favorable judgment for Ahabyoona awarded in November 2022.
However, the journey did not end there, as HotForex, claiming a “vigorous” defense, requested the court to set aside the judgment when efforts to enforce it in Mauritius began.
Through the legal maneuvers of AF MPANGA ADVOCATES, HotForex has persistently frustrated Ahabyoona’s quest for justice facing unjustifiable arressts and living in fear.
Now, as the battle continues, Ugandans who venture in the Forex Trading business make an appeal for support in unveiling the shadows that cloud brokerage firms as demonstrated in this complex case.
Ahabyoona’s story serves as a stark reminder of the challenges traders may face, even in seemingly secure trading environments.
It is a call to action, urging all stakeholders to ensure transparency and fairness in the forex trading landscape, recognizing its legitimacy and the substantial volumes that shape global economies.
As a concerned client, I keep asking myself the following questions;
1. Has hotforex become a scam , if so the world should stand warned , why share un authentic transaction code? Where are the global regulators?
2. Is AF MPANGA ADVOCATES, the legal Icon known in town representing facts or yatomera, any where let the Honourable judge exercise his powers for justice to prevail ⏲️ 🤔
3. Maybe these guys think that we do not have brave minds in Africa who can tap into the same global financial market?
Food for Thought.
