Clarification on moratorium
July 28, 2022
We, Zipmex Co., ltd (“Zipmex Thailand”) would like to inform you that Zipmex Asia Pte Ltd. (Zipmex Thailand’s parent company registered in Singapore) and its affiliates, including Zipmex Thailand and Zipmex Pte Ltd (which operates the Z Wallet), have filed global moratorium applications in Singapore Court. This is to enable the Group as a whole to continue its discussions and conclusion on the investment processes with 3rd-party investors or white knights without any interruption. This is part of our plans for the Group to find solutions and resolve the issues at hand.
In any event, we would like to reiterate that this is not a liquidation or bankruptcy. Moratorium is a process available under Singapore law to protect Zipmex against third party actions, claims and proceedings while it focuses its efforts on resolving the liquidity situation, without having to worry about defending potential claims or adverse actions. What effects would this have on Zipmex Thailand will need to be determined in accordance with Thai law and within the purview of the Thai court. Any decisions determined by the Thai court will be respected by Zipmex Thailand.
Zipmex Thailand will continue its business as usual save for the Z Wallet as previously announced. We have continued to cooperate with the Securities Exchange Commission, Thailand and the other Thai regulatory entities. We will continue to update our Zipsters regularly of any developments and the Z Wallet. Please note that pursuant to our terms and conditions, all claims against funds presently held in the Z Wallet are to be submitted against Zipmex Pte Ltd (and not Zipmex Thailand).
Zipmex remains committed to the company and its future and are making good progress in our conversations with investors that will help us move forward in resolving the issues our company is facing at the moment. With this approach, we hope to position our company for a positive outcome.
Remarks: non attendance of the case management conference on 29 July 2022 will not have any impact on the rights of the creditors in the moratorium proceedings.
For further information, please visit https://zipmex.com/th/en/moratorium-20220727/
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*Investing in digital assets carries a high level of risk, including the risk of losing all of the invested amount. Investors should refer to the offering information prior to investing as well as invest appropriately with acceptable risk levels. For more information visit https://zipmex.com/th/en/