/Supposed monetary expertise agency SixCap is getting liquidated

Supposed monetary expertise agency SixCap is getting liquidated

The corporate, generally known as SixCap, was positioned into bancrupt liquidation final month within the British Virgin Islands the place it is integrated, in response to a statement dated Feb. 26 from appointed liquidator Baker Tilly.

Buyers and collectors have been informed they’re collectively owed greater than $143 million, in response to 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 buyers concerned.

The event marks the newest in the downfall of a agency that when 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 shoppers at locations just like the World Financial Discussion board in Davos, Switzerland.

Troubles began rising round June final yr when SixCap knowledgeable clients that it was having issues with its checking account.

That led to buyers eager to money out tens of millions of {dollars} they poured into what the agency claimed have been fintech products that generate turns by means of international forex buying and selling. However buyers didn’t get again their cash.

SixCap closed its workplace, and offended buyers filed police experiences late final yr, in response to Singapore’s The Straits Times.