facebookAnyone has any updates on the CoAssets Situation? - Seedly

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Kelly Trinh

Kelly Trinh

Backoffice technical at financial services firm

19 Nov 2020

βˆ™

General Investing

Anyone has any updates on the CoAssets Situation?

The firm's shares have been suspended since 8th December. That's an awfully long time as general exchange guidance would be to have continuous trading with suspensions only when there is market moving news. There was mention of an MAS audit which is a bit scary given news on Pareto recently. Does anyone know of any news/updates ?

Discussion (42)

What are your thoughts?

Yup, I heard it before. There are some police report filed against the company too.

I had dealt with both CA Funding Pte Ltd and Coasset International Pte Ltd. To be very clear to the other investors, please note that only CA Funding Pte Ltd is regulated by MAS. As such, only MAS can have regulatory forces on CA Funding Pte Ltd.

I had a very bad borrowing experience with the transparency of the management. To begin with, I believe they are the only P2P platforms here that offers PN to the investors. When I signed up with Coasset, I was of the impression that they are a MAS regulated firm. Half-truth. Only CA Funding Pte Ltd is and the others is not. Once you sign up with Coassets, they will engage their engagement manager to start cross-selling you other entities PN which are not clearly define to you that they are MAS regulated or not (please note that they are not). The confusion that (many) of the investors may get is that Coasset uses the same email domain (@coassets.com) which may be confusing to consumers as we will have the impression that they regulated by the SAME co. but they are not. When you "lift the corporate viel", you will realise that it is the SAME people managing and operating these entities. As such, they may have to act in a certain manner when they are "regulated" by MAS but do not expect the same standard when you have default in other PNs.

I have spoken to MAS on this regards and that it is MAS has mentioned that it is important for the MAS Rep to uphold the same standards throughout different entities that they are operating.

Having said that, I believe that at the point of sign up, the risk was not clearly shared with me. When I asked them if the loan was secured, I was shared that the loan was used as working capital for the other projects within the Group and the Group hold few million worth of properties. In the event of default, they will liquidate the assets. However, right not, they are forcing the investor to push back the timeline till September 2021. This is clearly a misrepresentation. If the company has issues operating and wishes to delay, they should call for a judicial management and not asking the investors if they can push back the timeline when we clearly said no.

I have spoken to the team since July 2020 till now, but the reply was wishy washy and that the management is looking into this. Erm....4 months and the management is still looking into it? This clearly shows how lack of transparency the company is operating in and how it values the existing investors. What's worst, I have heard that they are still actively engaging new investors to fund the project. So the moment you put your money in and if there is a default, you can expect the same type of response by them.

Updates:

  • I realised that Coasset is not a subscriber with FIDREC. Hence, in the event of a dispute, FIDREC will be unable to assist you. (even if you invest with CA Funding Pte Ltd, which holds a Capital Market Licnece)

  • I have tried to contact Coasset via their Complaint Hotline and was directed to their staff Le Le. I requested her to direct my inquiry to the management for me to discuss this situation. She claimed that there is no one in the office and that they will call me back. (which I know that she lied because my friend was at their office to sight to some of the Coasset documents at that hour). Of course, they did not call me back. This shows the level of integrity and honesty that you will be dealing with. ​​​

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I invested S$50,000 in CoAssets IPO shares, which became nothing! I also read here that investors in CoAssets promissory notes also not able to get back the principle upon the maturity. I already made a police report at:

https://eservices.police.gov.sg/content/policeh...

Sometime in Jul-2016, I invested SGD 50,000 with CoAssets, after attending several of their previews and EPIC (Expo for Property, Investing and Crowdfunding) Conference at Marriott Tang Plaza Hotel. I passed my cheque to CoAssets at their former office at Suntec Tower One.

Getty Goh, CoAssets Founder, presented that the investment was for CoAssets listing on the ASX (Australian Securities Exchange, ticker CA8), for 125,000 shares at AUD 0.40 each.

In Sep-2016, just after CoAssets listed on ASX, CoAssets shares price drop all the way from AUD 0.40 (IPO price) to AUD 0.21! Getty explained that it was due to Expara Group (Singapore), the IT partner of CoAssets, immediately sold their CoAssets shares!

During CoAssets first AGM the next year, investors were shocked to discover that the AUD 0.40 offer was actually the 4th or 5th tier, and their 1st tier was AUD 0.15. Had we knew this, we would not have invested.

Sometime in Jun-2020, CoAssets CA8 was delisted from ASX under suspicious conditions, and CoAssets said the share price before delisting was AUD 0.065.

In Jul-2020, CoAssets started emailing investors with swap offers to convert their shares at the IPO price, into down payments for properties in foreign country (Thailand - Park Origin Thong Lor, Niche Mono).

I tried contacting Getty to get back my money, but to no avail. Additional info below.

COASSETS LIMITED. (CA8), delisted on 19/06/2020

https://hotcopper.com.au/asx/ca8/

https://www.marketindex.com.au/asx/ca8

http://www.asx.com.au/asx/statistics/announceme...

https://coassets.com/ (CoAssets Singapore)

https://www.facebook.com/coassets/ (Company Facebook)

Park Origin Thonglor - condo in Bangkok
Hipflat

https://www.hipflat.sg/projects/park-origin-tho...

The Niche Mono Sukhumvit 50 - condo in Bangkok
Hipflat

https://www.hipflat.sg/projects/the-niche-mono-...

Anyone has any updates on the CoAssets Situation? - Seedly

https://seedly.sg/questions/anyone-has-any-upda...

What CoAssets was communicating to their creditors about this suspension was bc of a MAS audit which ASX wanted to see and MAS refused. Doesn't sound like the ground for a "successful turnaround" is it?

Hi Nadia, I am having the same issue with my PN. No interest payments for the past 3 months and they refuse payment of principal on maturity. How can I reach you?

Royal Uncle, 10 Jul 2020

I invested on their Promissory notes, recently took a hit on the interest payment and not able to get back the principle upon the maturity. Not sure what can I do, besides hope and waiting.

CoAssets Reviews and Comparison - Seedly

https://seedly.sg/reviews/p2p-lending/coassets

I used to recommend friend and people to CoAssets, and I invested on their Promissory notes. However, recently I took a hit on the interest payment and not able to get back the principle upon the maturity. Not sure what can I do, besides hope and waiting.​​​

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I did a search and this is what i found: https://e27.co/in-brief-coassets-delists-from-a...

I hope that this will be a start of a successful turnaround so that they will be able to survive through covid and pay investors soon. ​​​

View 5 replies

The company was delisted a month ago from the ASX. Coassets told me they were suspended bc MAS was a...

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