This court directive is directed at both of ThinkMarkets’ operational entities – TF Global Markets (UK) Ltd and TF Global Markets (Aust) Pty Ltd. It takes the form of an interim mandatory injunction compelling ThinkMarkets to transfer precisely $4,280,818.88 into its client money segregated account in the UK by the deadline of 4:30 pm on Monday, January 15.
The genesis of this legal entanglement lies in a dispute between ThinkMarkets and one of its former clients, Abdurrahman Suzgun from Turkey. The dispute arose when ThinkMarkets allegedly communicated to Mr. Suzgun in late 2021 that a substantial sum of USD $4.28 million was set to be debited (i.e., removed) from his account. This communication prompted Mr. Suzgun to take legal action against the broker, leading to the current court order.
The significance of this court order is underscored by its nature as an interim mandatory injunction, indicating the urgency and critical financial implications involved. As ThinkMarkets navigates through these legal complexities, the financial industry will be closely monitoring the outcomes and repercussions of this high-profile case. FNG’s exclusive coverage ensures that industry professionals and the public are kept informed on this developing situation, shedding light on the intersection of legal proceedings and the financial brokerage landscape.