Six Capital files for liquidation; investors, creditors said to be 'owed US$143m'
Six Capital Investments, which billed itself as a fintech
firm and vigorously defended itself against the scrutiny of former employees
and investors, has applied to be wound up.
On Feb 13, SixCap's boss and sole owner Patrick Teng Chee
Wai filed for the voluntary liquidation of his company in the British Virgin
Islands, and appointed Baker Tilly (BVI) as his preferred liquidator. Six
Capital Investments was incorporated in the BVI.
At a creditors' meeting in Baker Tilly's Singapore office on
Tuesday, investors were told that SixCap would be unable to make good on its
debts of about US$143 million.
A Baker Tilly representative said he could not confirm this
figure, as it was still trying to liaise with SixCap's management to
consolidate all claims.
On Tuesday, around 200 creditors and their proxies swarmed
the Baker Tilly office; they were there to vote on the appointment of Baker
Tilly as liquidator, or choose another liquidator.
However, no votes were cast as Baker Tilly was unprepared
for a crowd of that size.
One investor told The Business Times: "The liquidator's
speaker had no microphone, so nobody could hear what they were saying. The
crowd turned angry and it went downhill from there."
The meeting was adjourned till further notice - likely next
week - the Baker Tilly representative told BT.
SixCap boss Patrick Teng was not at the meeting.
Last year, BT reported that police reports had been filed
against the local fintech currency trading firm, which built a high profile by
painting its name on an aircraft and wooing potential clients in Davos,
Switzerland.
It had promised returns as high as 18 per cent a year, by
using "big data and powerful analytics" to make currency trades, but
the payouts stopped at around June last year.
SixCap has since moved out of its office on the ground floor
of SGX Centre 1 in Shenton Way.
SixCap boss Patrick Teng was also behind Indigoz Exchange,
which was fined S$10,000 by the Monetary Authority of Singapore in 2005 for
selling stored-value cards which it called "i-chqs" without approval.
Mr Teng did not respond to calls or messages from BT.
Marissa Lee
08 March 2018
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