legal issue - forex

[PACIFIC GP]

May gusto po akong itanong about legal issues dito sa Japan. My friend in the Phil. made a transaction (FOREX - foreign exchange) with a japanese company/trader here in Japan. She has millions of yen in transaction but, because the trader company had lost its license her transaction was cut-off. She was given only 2 days in notice prior to cut-off. Thus, she lost investment (costing millions in yen).
We all know that client/customer has the right to be given ample time to pull-off his/her investment. But, sadly the company didn't give her that right.

Thus, I would like to ask if someone could give me advice to retrieve the lost investment thru legat matters. Maybe you could give me contact numbers of legal offices that deals with these matters. Please take note that the client is residing in the Philipines.

Thank you in advance.

[Tonyang]

Ang category niyan PACIFIC GP, investment fraud. Pls check

http://www.helplinelaw.com/lawyers/philippines

http://www.helplinelaw.com/lawyers/japan

May summary guide sa law sa Japan sa link na ito:

http://www.lexmundi.org/images/lexmundi/PDF/guide-japan.PDF

Hope this helps.

[halloween]

@ Pacific
Sa pagkasabi mo na, "My friend in the Phil. made a transaction (FOREX - foreign exchange) with a japanese company/trader here in Japan" Tanong ko lang, nagpunta ba ang friend mo dto sa Japan at dito naganap ang transaction o may local company yung Japanese corpo sa Pinas at don sha nag-invest? Important kasi ito to know which law has jurisdiction.

Kung sa Pinas naganap, may cause of action sha against the Japanese company and this applies whether or not that foreign corpo. has a license to engage in business.

Worth noting is the rule that an unlicensed foreign corpo which engaged in business in the Phil. cannot file a suit (save some exceptions) but it can be an adverse party in a proceeding before the local courts.

Pero kung ang kaganapan naman ng transaction ay sa Japan, Japanese law ang mag-aapply.

[Firipinjin]

My 0.2 yen worth...
It is going to take a very long time and a lot of money to get back an investment from a bankrupt company. In comparison, take a look at the Livedoor scandal that rocked the Japanese stock market in February. Many investors lost hundreds of millions of yen from owning livedoor stocks. The claimants banded together and filled a claim suit against livedoor. The issue is still in the legal arena and may take years to resolve. Many Livedoor investors lost more money than your friend I presume and they are suffering for making a bad investment.

Good luck to your friend. Hope your friend gets back a portion of what was lost.

[greatbarrier]

@pacific gp
halloween is right...your friend needs to check first which country has jurisdiction on the matter. from the looks of it, seems like japan law applies...so your friend might need the assistance of phil. embassy in japan on the proper protocols...since this involves a cross-border transaction, there might be some treaties between ph and japan that apply...

also, your friend has to consider how the transaction was implemented..did it involve electronic commerce? this might be important also.

your friend has to check as well the stipulations in the contract with the japan-situated company....if there are loopholes in that contract rendering it voidable...then she might have a case....

& the most important consideration is if she's willing to go through the tedious legal proceedings....but sabi mo nga, it involves million bucks! so she better get a counsel who's really good on international and mercantile law....

but the thing is, if the japanese company already filed for a bankcruptcy proceeding, even if your friend got a case...she has to wait for quite a long time to be able to recoup her investments...genera lly that's how the bankcruptcy law works...at the very least, the court's decision will include repayment to creditors in the order of priority...

if she's serious on pushing through with the case, the embassy would know the lawfirms who can give her assistance on her dilemma.

[greatbarrier]

by the way, medyo devil's advocate lang po ah....

naisip ko lang, since this involve's foreign exchange, worth noting as well is the money laundering law in japan or phils, as the case may be....as far as i know, japan, like the phils is an advocate of anti-money laundering...

this can make one hell of a case! no matter how legitimate the transaction is!

[PACIFIC GP]

Thank you all for your important comments and timely advice. Here are the explanation about the transaction and answers to your inquiries.

1. First of all, the forex company lost it's license not because of bankcrupcy but, other matter. (most probably didn't comply with Japanese business law)

2. Saan naganap ang transaction?
Ito ay naganap sa Pilipinas dahil mayroong trader duon ang forex company. Pamula simula ay nag-agree ang forex company about the out-of-Japan transaction. Ang transfer ng investment ay naganap thru bank transfer from a Phil. bank to a Japanese bank (may account dito ang forex company)

3. Regarding forex trading transaction
It was done thru online transaction. First, a go signal from the forex company (thru e-mail) will initiate the trader in the Phil. to make trading transaction (thru online). Of course, all these procedures and details are known and agreed upon by both parties.

4. Legal action
I'll tell my friend to check the list of lawyers from Tonyang info and also call the Phil. embassy here in Japan. Would contacting the Japanese embassy in the Phil. help with this matter?

5. I've enlosed the letter issued by the forex company. (For privacy reasons, I erased information regarding company name, etc.)
The letter implies return of unsettled accounts to clients but, I'm wondering why after May 2 the company won't return the investment to clients (those in Japan & Phil.). By the way, this letter was sent to clients/customers on April 27 (2 business days before).

As of now my friend is contacting the office for details. I'll keep this post updated regarding this issue. Your advice and comments are priceless and greatly treasured.

Thanks again.