Singapore Authorities Launch Investigation Against Samtrade FX

​The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) launched a joint investigation into online trading platform, Samtrade FX run by Samtrade FX Limited, a company registered in St Vincent and the Grenadines and into its related Singapore entities Samtrade FX LLP and Samtrade FX (SG) Pte LtdSamtrade FX operates on the website https://www.samtradefx.com on 28 December 2021. Samtrade FX Limited and its related entities are not licensed by MAS, and have been placed on MAS' Investor Alert List since July 2021.

​Samtrade FX Limited and its related entities are currently being investigated for potential offences under Section 82 of the Securities and Futures Act 2001, which prohibits any person from carrying on a business in any regulated activity without a capital markets services licence. There is reason to suspect that irregular trading activities have been carried out on the platform and investigations are being carried out on these activities.

Three men, aged between 31 and 36, have been arrested in connection with the investigation. 

​Sam Goh, Chief Executive Officer of Samtrade FX, has posted the following on the company's website, 

"1. We refer to the media release dated 3 January 2022 by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore (collectively "Authorities") in relation to investigations into Samtrade FX Limited, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.

2. We and our officers will co-operate fully and render all assistance to the Authorities in their investigations.

3. We have also retained Messrs Rajah & Tann Singapore LLP (https://sg.rajahtannasia.com/) as our Singapore corporate legal counsel to advise us on all legal matters relating to the ongoing investigations.

4. In view of the above circumstances, we will be taking immediate steps to suspend local and overseas business operations of our key operating entities and other affiliated entities, including but not limited to account opening, account changes, settlements, payments, opening and closing of trades.

5. To protect the interests of all stakeholders, we are in the process of making applications to the Singapore courts to place certain entities into judicial management and to seek the appointment of Mr Goh Thien Phong from GTP Advisory PAC and Mr Chan Kheng Tek from PricewaterhouseCoopers Advisory Services Pte Ltd to be appointed jointly and severally as interim judicial managers ("Interim JMs"). Pending the determination of the judicial management applications, the Interim JMs will independently and professionally oversee all matters and affairs relating to these entities.

6. As investigations by the Authorities are ongoing, we seek the understanding of stakeholders that we will not be in a position in the meantime to process any requests or instructions (including for trades, payments or withdrawals). The Interim JMs will provide more details once they have been appointed and assumed operational control.

7. Further updates on material developments will be provided, as and when appropriate."