Hodlnaut’s IJM application hits a snag with Samtrade involvement

EMBATTLED crypto platform Hodlnaut’s interim judicial management (IJM) application has hit a snag as a creditor objects to their choice of judicial manager.

In an update on Tuesday (Aug 23), Hodlnaut’s application to the court asked that Tam Chee Chong, director at Kairos Corporate Advisory be appointed as interim judicial manager. However, the judicial managers of Samtrade Custodian and SAM Fintech objected to the proposed candidate.

Hodlnaut has an outstanding liability of US$283 million of which US$117 million belongs to Samtrade Custodian, according to an affidavit by Samtrade’s judicial manager. This represents 41.3 per cent of the total liability.