The Securities and Futures Commission of Singapore (SGX:SFC) is in the process of seizing and forfeiting multi-million dollar jets owned by now-defunct Straits Financial Group (SFG). The SFC served the notice of forfeiture on the company’s former directors, as well as three company entities based in Singapore, Hong Kong and the British Virgin Islands.
The jets are reportedly worth an estimated S$21 million and had been bought for business and travel purposes. The SFC said the acquisition of the jets was funded with misappropriated monies obtained from the sale of unlisted securities held by SFG, which were not disclosed to investors.
The SFC is in the process of enforcing its forfeiture order and will seek to recover the assets for the benefit of investors.
This comes in the wake of the SFC’s investigations into SFG evaluating the widespread misappropriation of millions in customer funds. SFG ceased operations early this year after the SFC obtained a court order to freeze the assets of the company and its former group of related entities.
The SFC has since sought a court order to wind up the group’s Singaporean entities and to appoint provisional liquidators to manage and realise the assets for the benefit of creditors.