IN RELATION TO
MEDIA RELEASE DATED 3 JANUARY 2022 BY COMMERCIAL AFFAIRS DEPARTMENT AND MONETARY AUTHORITY OF SINGAPORE
1. We refer to the media release dated 3 January 2022 by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore (collectively “Authorities”) in relation to investigations into Samtrade FX Limited, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.
2. We and our officers will co-operate fully and render all assistance to the Authorities in their investigations.
3. We have also retained Messrs Rajah & Tann Singapore LLP (https://sg.rajahtannasia.com/) as our Singapore corporate legal counsel to advise us on all legal matters relating to the ongoing investigations.
4. In view of the above circumstances, we will be taking immediate steps to suspend local and overseas business operations of our key operating entities and other affiliated entities, including but not limited to account opening, account changes, settlements, payments, opening and closing of trades.
5. To protect the interests of all stakeholders, we are in the process of making applications to the Singapore courts to place certain entities into judicial management and to seek the appointment of Mr Goh Thien Phong from GTP Advisory PAC and Mr Chan Kheng Tek from PricewaterhouseCoopers Advisory Services Pte Ltd to be appointed jointly and severally as interim judicial managers (“Interim JMs”). Pending the determination of the judicial management applications, the Interim JMs will independently and professionally oversee all matters and affairs relating to these entities.
6. As investigations by the Authorities are ongoing, we seek the understanding of stakeholders that we will not be in a position in the meantime to process any requests or instructions (including for trades, payments or withdrawals). The Interim JMs will provide more details once they have been appointed and assumed operational control.
7. Further updates on material developments will be provided, as and when appropriate.
By: SAM GOH
CHIEF EXECUTIVE OFFICER
3 January 2022
For and on behalf of:
(1) SAMTRADE FX LIMITED
(Company Registration No.:25290 BC 2019)
Incorporated in St. Vincent and the Grenadines)
(2) SAMTRADE FX LLP
(UEN ID T17LL1871F)
Incorporated in Singapore
(3) SAMTRADE FX (SG) PTE LTD
(Company Registration No.: 202119199E)
Incorporated in Singapore
If you have any questions relating to this corporate statement, please refer to our media contact:
Mr Charles Ng
E-Mail: [email protected]