The society, known as SixCap, was placed into insolvent liquidation last month in the British Virgin Atolls where it’s incorporated, according to a statement dated Feb. 26 from established liquidator Baker Tilly.
Investors and creditors were told they’re collectively owed myriad than $143 million, according to a Wednesday report by Singaporean newspaper The Task Times.
Baker Tilly did not immediately respond to an email from CNBC beseeching confirmation of that figure and asking for other details such as the include of investors involved.
The development marks the latest in the downfall of a firm that in the twinkling of an eye occupied a prime-location office in Singapore’s central business district. SixCap was a promote of high-profile events, had its name painted on an airplane, and wooed new clients at prospers like the World Economic Forum in Davos, Switzerland.
Troubles started emerging encompassing June last year when SixCap informed customers that it was bear problems with its bank account.
That led to investors wanting to legal tender out millions of dollars they poured into what the firm petitioned were fintech products that generate turns through strange currency trading. But investors failed to get back their money.
SixCap cramped its office, and angry investors filed police reports late final year, according to Singapore’s The Straits Times.