Taarifa has learnt that over 100 clients have petitioned the prosecution for the release of Davis Manzi Sezisoni, CEO of Billion Traders, arguing that his continued incarceration is obstructing efforts to recover US$3.075 million owed to more than 500 investors.
Manzi is facing allegations of fraud linked to the mismanagement of funds, but so far, no conclusive evidence has been presented to support these charges. Reports indicate that he has already returned approximately 70% of the disputed funds, raising questions about the validity of the claims against him.
Additionally, personal circumstances, including financial distress, have complicated the situation, as he struggles to meet basic needs amidst these serious allegations.
A key factor contributing to the challenges facing Billion Traders has been its relationship with IC Markets, an international broker. Manzi claims that the issues escalated when IC Markets froze Billion Traders’ account, significantly disrupting the company’s operations. This decision was made following inquiries from Rwandan authorities about his operations, a practice that contradicts trading standards.
Authorities in Seychelles, where the broker operates, have been largely noncommittal regarding the situation. However, Manzi’s legal team reports that diplomatic efforts are making positive progress, suggesting that if Rwandan authorities take further steps to engage their counterparts in Seychelles, the matter could be resolved swiftly.
Supporters of Manzi argue that his release would greatly enhance recovery efforts, enabling him to actively manage trading operations and expedite the recovery of the funds owed to investors. Furthermore, his freedom could help restore investor confidence in Billion Traders, fostering trust in the company’s leadership during this critical period.
The petition also highlights the collective support of investors, which may positively influence legal proceedings and demonstrate belief in Manzi’s capacity to resolve the situation. Additionally, with his release, Manzi could engage directly with IC Markets and other partners to negotiate the release of frozen funds and improve operations.
One investor, who wished to remain anonymous, expressed frustration with the situation, stating, “We need him released so he can continue trading and recover our money.”
Meanwhile, part of the petition, reads as follows: “Resolving this financial issue requires Mr. MANZI’s direct involvement in negotiations with IC MARKETS, securing financing, and managing business operations. His continued detention, however, prevents any timely or effective solution to the financial challenges at hand.”
Manzi is scheduled to appear in court next week for a substantive hearing. This case, observers say, illustrates the complexities of Rwanda’s online forex trading sector and highlights the urgent need for regulatory clarity to protect investor interests and allow the industry to thrive.
Below is the link to the petition.
https://www.change.org/p/petition-for-the-release-of-mr-manzi-davis
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