The company, known as SixCap, was placed into insolvent liquidation last month inside British Virgin Islands where This particular’s incorporated, according to a statement dated Feb. 26 coming from appointed liquidator Baker Tilly.
Investors as well as also creditors were told they’re collectively owed more than $143 million, according to a Wednesday report by Singaporean newspaper The Business Times.
Baker Tilly did not immediately respond to an email coming from CNBC requesting confirmation of in which figure as well as also asking for different details such as the number of investors involved.
The development marks the latest inside downfall of a firm in which once occupied a prime-location office in Singapore’s central business district. SixCap was a sponsor of high-profile events, had its name painted on an airplane, as well as also wooed fresh clients at places like the planet Economic Forum in Davos, Switzerland.
Troubles commenced emerging around June last year when SixCap informed customers in which This particular was having problems with its bank account.
in which led to investors wanting to cash out millions of dollars they poured into what the firm claimed were fintech products in which generate turns through foreign currency trading. nevertheless investors failed to get back their money.
SixCap closed its office, as well as also angry investors filed police reports late last year, according to Singapore’s The Straits Times.