We are aware of the news floating around and have been investigating, we just received this minutes ago from CWC (we can not confirm any of it):
Since November 2016, the company has undergone a rapid transformation due to the following factors:-
1. After over 2 years of intense litigation between the directors of the business the existing CEO resigned without notice throwing the business into turmoil. The CEO was found to be in breach of his fiduciary duties, branded a liar and dishonest by a High Court Judge.
2. His plan was to inflict maximum damage on the business in the shortest time in order for the other 2 Directors to call him back into the business to sort the problems out.
3. Senior staff handed in their notice, the finance director walked out within a week. The accounts manager left before Xmas. The CTO actually undermined the business by sending an extremely harmful email to our software supplier. He actually said the only way this business will survive is to bring back the CEO. In the short time the CTO was there, he encouraged staff underneath him to look for other jobs because he said the company won't be around in the new year.
4. Payment Processors held back payments to the business for weeks and in some cases months, starving the company of cash.
5. Forums started to spread malicious gossip about what was going on in the business.
6. Valuable bank accounts were shut with very little notice causing many difficulties which have led to a lot of payment problems.
All the above problems were deliberately staged to cause maximum damage to the business.
However, the existing Directors brought in a team of consultants to save the business from disaster in early December. Their role was not to disrupt the daily running of the business but to help maintain staff confidence. Their primary aim was to get the payment processors functioning. I am pleased to report that they are now functioning as normal. Marketing was left alone. Affiliates could have lost millions in revenue if it wasn't for the action of the consultants.
Disappointingly, most of the senior staff have now left. Their positions have now been filled by juniors who have stepped up and are doing an excellent job.
1. The business is now flourishing and has had excellent results over the past 3 months.
2. Affiliates are now being paid earlier than ever in the company's history and will continue to do so.
3. The existing staff are loyal and are more confident than ever that their future is secure.
4. A handful of affiliates have asked about issues, some of them being payment issues due to closure of accounts. Other issues have been inherited and will be resolved.
There are positive plans for the future which is looking very rosy and we hope to share them with our partners asap. This company will be around for many years and will continue to grow and all our partners will prosper from the changes that will be implemented. We intend to speak to all our affiliates on an individual basis in the near future.
The Executive of CWC
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