Alleged Misleading Conduct and Unconscionable Conduct by Platinum Finance Limited

CFTC commenced investigations against Platinum Finance Limited on allegations of misleading and unconscionable conduct.

The Commission found that the complainant purchased a King Corolla motor vehicle from the Respondent at MK2,800,000.00. However, after two weeks the Complainant was informed that the car he had purchased belonged to another client and hence he was supposed to return it.

The Complainant chose that he be refunded of his money. However, instead of making a full refund to the Complainant, the Respondent indicated that they would be refunding him MK500,000.00 every month up until the whole amount was paid back. The Complainant refused this arrangement, and demanded an immediate full refund.

Following deliberation, the Commission found the Respondent liable and ordered the Respondent to pay a fine of MK500,000.00 for engaging in misleading conduct and unconscionable conduct.