The company, known as SixCap, was placed into insolvent liquidation last month in the British Virgin Islands where it’s incorporated, according to a statement dated Feb. 26 from appointed liquidator Baker Tilly.
Investors and creditors were told they’re collectively owed more than $143 million, according to a Wednesday report by Singaporean newspaper The Business Times.
Baker Tilly did not immediately respond to an email from CNBC requesting confirmation of that figure and asking for other details such as the number of investors involved.
The development marks the latest in the downfall of a firm that once occupied a prime-location office in Singapore’s central business district. SixCap was a sponsor of high-profile events, had its name painted on an airplane, and wooed new clients at places like the World Economic Forum in Davos, Switzerland.
Troubles started emerging around June last year when SixCap informed customers that it was having problems with its bank account.
That led to investors wanting to cash out millions of dollars they poured into what the firm claimed were fintech products that generate turns through foreign currency trading. But investors failed to get back their money.
SixCap closed its office, and angry investors filed police reports late last year, according to Singapore’s The Straits Times.