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October 24, 2013

WATCH: Industry Reacts to Congrex Demise

Early feedback from industry leaders who convened at IMEX America last week is revealed by Meetings International, IMR's publisher in Sweden, as the saga escalates to Congrex in Germany with anticipation that the parent company, Congrex Holding, is also on the brink of folding.

Since IMEX America, Congrex UK has been acquired by the management, and frenzied efforts on the part of the administrator and other subsidiary management teams to salvage the remaining business is reaching a climax. Meanwhile, the administrator for Congrex Sweden will send all remaining staff home tomorrow.

As Meetings International predicted, the potential for core PCO's and AMC's holding client congressional funds in their own bank accounts is likely to be severely reviewed. Further revelations as to the management of client funds by Congrex in Sweden and the use of those funds for acquisition purposes is set to revolutionize the safeguards surrounding client funds for purposes other than congressional activities. Meetings International is preparing to uncover the truth behind the alleged mismanagement of funds and accounting practices deployed by Congrex in Sweden and the wider group.

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About the Author: James Latham

James Latham

About the Author: Meetings International





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