Patricia Technologies has said it would continue with its plans to start repaying its customers from November 20 despite the withdrawal of the appointed escrow manager, DLM Trust.
In a statement signed by its CEO, Hanu Fejiro, the company said it was “shocked by DLM Trust Company’s sudden and unilateral decision to terminate our partnership.” It added that the withdrawal came after it had deposited some money into the company’s account for the repayment plans.
Expressing its disappointment with the withdrawal of DLM Trust as its partner, Patricia in the statement said:
There was no breach
Patricia also denied the claim by DLM Trust that it broke the terms and conditions of their partnership.
Assuring its customers that the repayment plans will still go on, Patricia said:
Patricia, however, did not state how this would happen since it would need a third party to disburse the fund.
DLM Trust in a statement released on Wednesday said it has pulled out of the agreement to act as Patricia Technologies’ escrow trust in the repayment of N2 billion customer funds because of multiple breaches of the agreement and trust between the two parties.
This came a day after Patricia had announced the company as a partner.
In the statement signed by DLM Trust Senior Associate, Kehinde Lawal, the company said:
In a statement issued on Tuesday, Patricia Technologies announced its partnership with DLM Trust to oversee the management and disbursement of customer deposit repayments.
The partnership, it said was aimed at ensuring a seamless and secure process for the return of deposits to Patricia Technologies Limited’s valued customers.
Indeed, the company stated that “starting on November 20th, 2023, DLM Trust will begin the first batch of repayments to Patricia Technologies Limited’s customers.”
Curiously, while the statement portrayed DLM as the announcer of the partnership, the company said it had no knowledge of the statement until it was published in the media.
The crypto trading company earlier this year converted its customers’ crypto and cash assets to Patricia Token without their consent.
Patricia in a White Paper released to explain its actions said it experienced a cyberattack, which led to the loss of assets.
It added that its commitment to integrity and customer trust spurred the creation of the Patricia Token as an internal token for the customers to hold on to.
According to the company, the Token symbolizes a promise to pay holders 1 USDT for each Patricia Token in the future, thereby ensuring asset recovery and addressing the impact of the security breach.
It said the Patricia Token is not on-chain, but an internal token used to represent debt and it would be managed by the company.
As part of moves to settle its customers who have been demanding their money, Patricia recently offered them the option of converting the debt into equity shares in the company.
However, some of the customers who spoke to ThePressNG said they had received the offer letter signed by Patricia’s founder, Hanu Fejiro. Still, they refused to sign it because it would mean signing their money away. They insisted on returning their crypto assets converted to Patricia Coin without their consent.
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