Samtrade FX has announced its court application for judicial management and the appointment of interim judicial managers amid the Singapore authorities crackdown on the renowned FX and CFD broker for allegedly not holding a proper license to operate in the jurisdiction.
The brokerage firm has previously published a FAQ on its website in order to provide clarity to concerned customers in regard to deposits, withdrawals, and overseas investors.
The countrys financial watchdog, the Monetary Authority of Singapore (MAS), added Samtrade FX to its caution list in July 2021 and issued a direction to prohibit the company from onboarding new investors.
According to MAS, the agency will further review and take necessary actions if its inspection uncovers lapses or Samtrade FX had breached regulations. Of the group of companies, no entity is regulated in Singapore as a capital markets services licensee.
FILING OF COURT APPLICATION FOR JUDICIAL MANAGEMENT
Below is the transcript of Samtrade FXs announcement regarding the filing of the court application for judicial management and appointment of interim judicial managers.
1. Reference is made to our corporate statement dated 3 January 2022 (https://www.samtradefx.com/news/corporate-statement-in-relation-to-media-release-3-jan-2022).
2. Our counsel, Messrs Rajah & Tann Singapore LLP, have proceeded to file court applications with the High Court of Singapore on behalf of the following entities to place them into judicial management on 20 January 2022:
(a) Samtrade Custodian Limited;
(b) Samtrade Custodian Pte Ltd;
(c) S.A.M. Fintech Pte Ltd;
(d) Samtrade FX Limited;
(e) S.A.M. Marketing Pte Ltd; and
(f) S.A.M. Trade (V) Limited,
and to appoint Mr Goh Thien Phong from GTP Advisory PAC and Mr Chan Kheng Tek from PricewaterhouseCoopers Advisory Services Pte Ltd jointly and severally as interim judicial managers.
3. We will provide further updates after the Court has fixed a hearing date for the respective applications.
4. Further updates on material developments will also be provided, as and when appropriate.
By: SAM GOH
CHIEF EXECUTIVE OFFICER
21 January 2022
For and on behalf of:
SAMTRADE FX LIMITED
(Company Registration No.:25290 BC 2019)
(Incorporated in St. Vincent and the Grenadines)
If you have any questions relating to this corporate statement, please refer to our media contact:
Mr Charles Ng
E-Mail: support@samtradefx.com
SAMTRADE FX ACCUSES GIB CAPITAL OF BRANDING ITS ASIC LICENSE
While Samtrade FX handles an issue with regulators in Singapore for operating without a license, the broker is facing quite a different problem in Australia but also regarding a regulatory authorization.
In this case, it is Samtrade FX that has complained against an entity called GIB & Capital Group Pty – whose brand name is GIB Capital – for stating the FX brokers ASIC license number of its website.
GIB Capital states that it “is a company incorporated in Australia and that holds an Australian Financial Services Licence (AFSL) number 338647 issued by the Australia Securities and Investments Commission (ASIC) to carry on financial services business in Australia. You may request financial services from GIB & Capital Group Pty via its official website here https://gib.group/”.
The AFSL number 338647, however, is held by S.A.M. Financial Group (Australia) Pty Ltd, Samtrade FXs affiliate company in Australia.
“We wish to bring to the immediate attention of and alert the public and clients that S.A.M. Financial Group (Australia) Pty Ltd is the rightful and legal owner of this licence. GIB & Capital Group Pty has no right to use or to refer to the Australian Financial Services Licence number 338647”, said Samtrade FX in a statement.
S.A.M Financial Group (Australia) Pty Ltd has not authorised GIB & Capital Group Pty, or given permission in any form, or established partnership / collaboration / cooperation with GIB & Capital Group Pty to carry out financial services business in Australia. GIB & Capital Group Pty does not represent S.A.M. Financial Group (Australia) Pty Ltd, act for and/or act on behalf of S.A.M. Financial Group (Australia) Pty Ltd.
“In addition, S.A.M. Financial Group (Australia) Pty Ltd has no affiliation with any third party entities claiming to be associated with GIB & Capital Group. Any claims by any such entities to be in part of or in some way authorised, endorsed or approved by, or affiliated or connected with S.A.M. Financial Group (Australia) are false”, the broker added.
Samtrade FX is consulting its lawyers to take urgent and necessary action to protect the public, clients, and the company.
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