Samtrade FX placed under judicial management, US$167m in assets seized
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These are the 6 entities and their re spective functions listed in Sam Goh's af fidavit:
S.A.M. Trade (V) Limited, formerly known as Samtrade FX, which was incorary shares in Volopa Capital, a company porated in the Republic of Vanuatu in July 2016, It provides brokerage ser vices:
Samtrade FX Limited, which was incor- porated in St Vincent and Grenadines (SVG) in January 2019 with an issued capital of US$50,000, also for providing brokerage services:
Samtrade Custodian Limited, incor porated in SVG in December 2018 with an issued capital for US$50,000. While set up to offer a number of trading and brokerage-related activities, it has so far only held monies and accounts with its liquidity providers, claims Sam Goh
S.A.M. Fintech Pte Ltd, incorporated in Singapore in July 2019 with an issued capital of S$10. Its principal business in cludes management consultancy and in- formation technology services (except
cybersecurity) to the group of compan- ies. It holds 18 per cent of the original shares in Zana Capital, which has a cap ital markets services licence to carry out fund-management activities in Singa pore. It also holds 10 per cent of ordin authorised to carry out certain invest ment activities in the UK:
Samtrade Custodian Pte Ltd, an ex empt private company limited by shares incorporated in Singapore, which provides management con- sultancy services to the group of com- panies. Its issued capital is S$10,000. tions.
S.A.M. Marketing Private Limited, also an exempt private company limited by shares incorporated in Singapore in July 2019, with 5510 in issued capital. Its principal business includes providing management consultancy and market ilities. ing services to the group of companies. SAM. Marketing holds 100 per cent of the shares in S.A.M. Marketing (Hong Kong) Limited.
Sam Goh is chief executive of S.A.M. partner Patrick Ang. Trade (V) and Samtrade FX, and a dir-
ector in all 6 companies.
Another individual named Goh L Xing is also listed as a director in S.A.M. Fintech, Samtrade custodian Pte Ltd, and S.A.M. Marketing.
The current investigations have prompted many clients to withdraw from their accounts on the online trad ing platform, but Samtrade FX and S.A.M. Trade (V) are unable to pay these withdrawals, Sam Goh had said.
The management and officers have also been unable to access the relevant accounts due to the ongoing investiga
He also said that S.A.M. Fintech and S.A.M. Marketing have approximately $$360,000 and $$250,000 respectively in outstanding liabilities, but both do not have sufficient cash to meet the liabunds. It had collected almost 3,000 sig
In their application to appoint the in terim judicial managers, the companies are represented by a team of lawyers from Rajah & Tann, led by managing
Sam Goh said in a statement dated laid off.
Jan 3, following the announcement by the police and the MAS on investiga tions into his companies, that his team has appointed Rajah & Tann to advise them "on all legal matters relating to the ongoing investigations".
MAS and the police said on Jan 3 that 3 men aged between 31 and 36 had been arrested in connection with the in vestigation. A pre-trial conference was held on Thursday (Feb 10) and the in terim judicial managers' report is expec ted to be available by early April. The case is scheduled to be heard again in court on Jun 27.
Retail investors have started a peti tion calling on authorities to lift the sus pension of accounts they have with trade FX, so they can withdraw their natures as at 9.15 pm on Friday.
The petition, listed on change.org. ates that a good portion of retail in vestors who have used Samtrade FX are retirees. Another significant group com prises office workers who were recently
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