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SixCapital applies for liquidation; investors, creditors owed more than US$143m
SIX Capital Investments, which called itself a "fintech" firm and aggressively 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 chose Baker Tilly (BVI) as his preferred liquidator. Six Capital Investments was incorporated in the BVI.
At a creditor's meeting in Baker Tilly's Singapore office on Tuesday, investors were told that SixCap owes investors and creditors more than US$143 million, and is unable to pay its debts as they fall due.
A representative from Baker Tilly said he could not confirm this figure, as Baker Tilly is still trying to liase with SixCap's management to consolidate all claims.
On Tuesday, around 200 creditors and their proxies swarmed the office of Baker Tilly. They were meant to vote on the appointment of Baker Tilly as the liquidator, or choose a different liquidator.
However, no votes were cast as Baker Tilly was not prepared to accommodate the large crowd.
"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," one investor told The Business Times.
The meeting was adjourned till further notice, likely next week, the Baker Tilly representative told BT.
SixCap boss Patrick Teng did not attend the meeting.
Last year, BT reported that police reports had been filed against SixCap, a local fintech currency trading firm that built a high profile by painting its name on an aircraft and wooing potential clients in Davos, Switzerland.
SixCap promised returns as high as 18 per cent a year by using "big data and powerful analytics" to make currency trades, but stopped making payouts 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 is also the man behind Indigoz Exchange, which was fined S$10,000 by the MAS 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.