Samtrade FX files for judicial management in Singapore and warns of

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 country’s 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.

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Below is the transcript of Samtrade FX’s 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: [email protected]

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 broker’s ASIC license number of its website.

GIB…