CoAssets shuts down after missing funds controversy
Some members' accounts (without outstanding investmets) have already been deleted.
Singapore-based crowd funding platform CoAssets, now operating as CA Funding, is in the process of winding down.
In a message posted on the company website, the company said that members' accounts without outstanding investments with the company were deleted starting 4 January whilst accounts with outstanding investments remain active.
“Do note that CAFPL is a wholly owned subsidiary of CoAssets Limited and only CAFPL is regulated by MAS. If you have invested in the Promissory Notes (PN) of the unregulated subsidiaries under CoAssets Group, you can direct your email to Relations@CoAssets.com. Alternatively, you can email Investors@CA-Funding.com and we will direct you to the team that is assisting PN Investors,” the company added.
The shutdown happened after $39.9m were allegedly transferred to a debt recovery firm Sunfits. Reports said that Sunfits viewed those assets as "unrecoverable".
Reports also said that lawsuits are now being filed against the CoAsset’s co-founders Getty Goh and Seh Huan Kiat.