Chinmark has just N1 million in its accounts, can’t pay investors – Lawyer

Chinmark has just N1 million in its accounts, can’t pay investors – Lawyer
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– Chinmark has just N1 million in its accounts, can’t pay investors – Lawyer –

As the 60 days sought by the doomed investment firm, Chinmark Group elapsed, the company has said that the Security and Exchange Commission, SEC froze its accounts.

It also claimed that it has paid about 500 of 4966 their investment capital, adding that from the proceeds of its business (Hospitality, Transportation, Food and Logistics) despite its operational bank accounts being frozen by the Securities & Exchange Commission (SEC) on December 21, 2021, till date, it resumed payment to its partners on March 16, 2022.

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Marksman Chinedu Ijomah, the founder of the firm in a statement on Saturday said “so far, out of 4966 partners, we have been able to pay 500 partners following an arithmetic order from our backlogs.

“In a bid to show transparency in our dealings as always, full names of paid partners ought to have been published today but several calls/messages/emails from our distinguished partners have further restricted us from doing this.

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“Let me reassure you that your money is safe with us and we remain committed to repaying all partners soonest, update on partnership repayment will be provided always and your Managers will call to follow up; until then, I would humbly request you to kindly bear with us”.

However, a lawyer, Azubuike Ihemeje said that the company has no money to pay and has not paid anyone a dime.

He told Standardobservers that the firm has less than N1. 5 million in its accounts, and cannot meet its financial obligations to its numerous investors.

He added that Chinmark has successfully defrauded thousands of their hard-earned money and the Economic and Financial Crimes Commission, EFCC needs to intervene and arrest Mr Marksman Ijomah and Amanda Chisom.

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