Samtrade FX placed under judicial management, US$167m in assets seized

SIX entities related to online trading platform Samtrade FX have been placed under judicial management, following the Singapore authorities' probe into their potential offences under local securities laws.

In a hearing on Jan 28, the Singapore High Court granted Samtrade FX's chief executive officer Goh Nai De's application to appoint Goh Thien Phong from GTP Advisory PAC and Chan Kheng Tek from PricewaterhouseCoopers Advisory Services as interim judicial managers.

In his affidavit submitted to the court, Goh Nai De, also known as Sam Goh, claimed that his entities held approximately US$270 million of clients' funds in cash, gold and cryptocurrency wallets.