Singapore based offshore Retail FX broker Samtrade FX has issued a corporate statement, in response to yesterday’s news that the Monetary Authority of Singapore (MAS) was investigating the company for illegal activity, and that Singapore police had already arrested several of the Samtrade FX management team.

The company said that it was taking “immediate steps” to suspend both local and overseas business operations, including account opening, account changes, settlements, payments, and the opening and closing of trades.

Samtrade added that it is in the process of making applications to the Singapore courts to place certain of its corporate entities into judicial management, and to seek the appointment of GTP Advisory PAC and PricewaterhouseCoopers to be appointed jointly and severally as interim judicial managers of the company.

The statement (see full text below) refers to the operations of Samtrade’s offshore business which is domiciled in St. Vincent and the Grenadines, as well as its Singapore based operating companies. It is unclear at this stage how, if at all, this will affect the group’s ASIC licensed operations in Australia, S.A.M. Financial Group (Australia) Pty Ltd.

CORPORATE STATEMENT

IN RELATION TO

MEDIA RELEASE DATED 3 JANUARY 2022 BY COMMERCIAL AFFAIRS DEPARTMENT AND MONETARY AUTHORITY OF SINGAPORE

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.

By:    SAM GOH

CHIEF EXECUTIVE OFFICER

3 January 2022

For and on behalf of:

(1)    SAMTRADE FX LIMITED

(Company Registration No.:25290 BC 2019)

Incorporated in St. Vincent and the Grenadines)

(2)    SAMTRADE FX LLP

(UEN ID T17LL1871F)

Incorporated in Singapore

(3)    SAMTRADE FX (SG) PTE LTD

(Company Registration No.: 202119199E)

Incorporated in Singapore

If you have any questions relating to this corporate statement, please refer to our media contact:

Mr Charles Ng

E-Mail: support@samtradefx.com