The corporate, generally known as SixCap, was positioned into bancrupt liquidation final month within the British Virgin Islands the place it is integrated, based on a press release dated Feb. 26 from appointed liquidator Baker Tilly.
Buyers and collectors have been instructed they’re collectively owed greater than $143 million, based on a Wednesday report by Singaporean newspaper The Enterprise Occasions.
Baker Tilly didn’t instantly reply to an e-mail from CNBC requesting affirmation of that determine and asking for different particulars such because the variety of traders concerned.
The event marks the newest within the downfall of a agency that after occupied a prime-location workplace in Singapore’s central enterprise district. SixCap was a sponsor of high-profile occasions, had its title painted on an airplane, and wooed new purchasers at locations just like the World Financial Discussion board in Davos, Switzerland.
Troubles began rising round June final yr when SixCap knowledgeable prospects that it was having issues with its checking account.
That led to traders desirous to money out thousands and thousands of they poured into what the agency claimed have been fintech merchandise that generate turns via overseas forex buying and selling. However traders didn’t get again their cash.
SixCap closed its workplace, and offended traders filed police stories late final yr, based on Singapore’s The Straits Occasions.