[Debt Recovery] [Others] [Customer Support]
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.
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.
I have also feedback to you and Shannice at least 5 times that your terms of settlement 4d(i), (ii), (iii) are unacceptable, as I can't be responsible for other investors which I don't even know.
I just wanted one simple transaction, without other contract terms.
4d. The Transaction is conditional upon you keeping this offer and the Transaction (including the terms of the Transaction and the existence of the Transaction) strictly private and confidential. Should any other investor approach us or the potential buyer for a similar transaction, any other party make reference to this Transaction, or we otherwise discover that you have disclosed details of the Transaction in breach of your obligation, then:
(i) If there are any amounts yet unpaid by the potential buyer, the potential buyer will not be required to pay you any amounts yet unpaid. Notwithstanding this, you will be required to transfer all your CoAssets Limited share to the potential buyer immediately.
(ii) You shall be required to pay CoAssets Limited liquidated damages of S$300 per investor that approaches us for a similar transaction, or other party who approaches us for a transaction by making reference to this Transaction. This is a genuine pre-estimate of the costs, losses and other expenses that CoAssets will have to incur to deal with each such investor or other party.
(iii) In addition, you shall indemnify and hold CoAssets harmless against all costs, claims, liabilities, expenses and other losses that CoAssets may suffer or incur arising out of or in relation to any claim by any party relating to such party’s shareholding in CoAssets Limited or other investment with CoAssets.