Six Capital Investments Ltd (“SCIL”)
This announcement is provided to all affected by the recent closure of TAGG and B'DATA and forms part of SCIL's efforts to engage with customers and provide regular updates of significant changes or developments (if any). The contents of this announcement are accurate as at the date of publication.
All future updates will be posted on www.playtagg.com, so please visit this page periodically.
It has come to our attention that Abdalla Kablan had recently circulated an email written by him denying he was involved in the development of the software and IT systems behind the businesses in the Six Cap Tech Group (“SixCap”).
This is untrue. On 1 December 2015, Ricebowl Technologies Pte Ltd signed a 24 page contract with Suez Hippodata Limited (a business owned and operated by Abdalla Kablan) to develop the artificial intelligence Ricebowl software. Abdalla Kablan personally signed the contract.
Under the contract, Abdalla Kablan was to develop and deliver a fully functional “Trader Behavioural Analytics Fuzzy Interference System, Machine Learning Module and Quantitative Social Analytics For Financial Markets Module” (quoted from the agreement), in other words a AI driven trading platform. The price for his services was more than Euros500,000.
The detailed Technical Specifications for the Ricebowl software were subsequently agreed and signed on 15 December 2015 (click here to view the Specifications).
At that time, Abdalla Kablan also owned Scheduit Ltd and Suez Technologies Ltd and used these companies interchangeably for his projects. Abdalla Kablan therefore insisted on a term in the contract that Suez Hippodata Lted may assign developers from its Group of Companies (Suez Hippodata Ltd, Scheduit Ltd, or Suez Technologies Ltd) to work on the Ricebowl software.
In the course of 2016, Abdalla Kablan made numerous representations about his abilities and offered to sell his businesses to SixCap. In early 2017, SixCap bought over all of Abdalla Kablan’s businesses and installed him as the SixCap Group Chief Executive Officer and Chief Scientific Officer. Abdalla Kablan also represented Six Cap in various international events.
For administrative convenience, Abdalla Kablan arranged for Scheduit Ltd to be the central entity for the provision of his services. From early 2017 therefore, all employment contracts for himself and his developers were signed with Scheduit Ltd. All work on Ricebowl and other software were therefore dispensed by developers employed by Scheduit Ltd.
Throughout 2016, Abdalla Kablan kept asking for more funds to develop the Ricebowl and other software commissioned by SixCap. He also boasted that he could do a lot more AI driven programmes and improve on PlayTagg provided funding is given. His proposal to improve PlayTagg was accepted and that formed the genesis of Abdalla Kablan’s development of PlayTagg 2.0 or Tagg Switch.
Abdalla Kablan did not deliver on many of his promises. On each occasion that SixCap queried him on his performances, his excuse was that he needed more developers and better facilities. Abdalla Kablan insisted on leasing a bungalow on a hill-top complete with a swimming pool and jacuzzi to house himself and his developers (because he said he needed quietness and space to work on his projects). Curiously, Abdalla Kablan entered the lease using his personal name but utilised funds from Scheduit Ltd to pay for the rent. We discovered this only recently.
In reliance on his representations and based on his promises, SixCap continued to fund Abdalla Kablan for all his projects. As his request, the funds were wired to his corporate vehicle Scheduit Ltd. In return, Abdalla Kablan was supposed to deliver on numerous projects including Ricebowl, Scheduit, Amico and Tagg 2.0 – projects proposed, created and led by him. He also promised to deliver on the IT platform behind Thundr but failed to do so. In the end, we had to engage a third party to complete the task.
After Abdalla Kablan cashed out of his business and became an employee, he started to make more and more excuses why the various softwares did not perform and why he needed more and more money to fund his development work. He hired about 30 software developers (funded entirely by SixCap) but still failed to deliver.
In a sense, SixCap had no choice but to keep funding Kablan and his team, hoping that they will finally deliver the software products. Needless to say, SixCap could not utilise the Ricebowl software in the meantime.
Sometime in mid-2017, after the Tagg 2.0 system (developed by Abdalla Kablan) spectacularly crashed and threw the entire Tagg community into panic, Six Cap decided to require Abdalla Kablan to outline clear delivery milestones before we continue to fund his projects. As he failed to do so despite numerous reminders, SixCap ceased funding him in August 2017.
This led to Abdalla Kablan abruptly abandoning his responsibilities in October 2017. His whole team of developers and support staff followed suit.
Notwithstanding clear provisions in his contract which prohibited him and his team members from doing so, Abdalla Kablan retained possession of all software and IP developed by him even after he left. He then used his possession of the work products as leverage to demand monies which he claimed is owing to him.
Abdalla Kablan claims that he has offered to return the software but we refused. That is wholly untrue and frankly, unbelievable. There is no conceivable reason why SixCap would refuse to take over that which belongs to us.
What Abdalla Kablan of course did not mention was that his offer to hand over our assets were premised on three conditions:
- 1. that SixCap pays all sums demanded by him and which he alleges are owing to him.
- 2. that Sixcap and Scheduit Ltd waive and forgive all claims which they may have against Abdalla Kablan in contract and in tort, arising from his roles as director and CEO of Scheduit Ltd as well as all claims (for misrepresentation or other breaches) under the agreement for the sale and purchase of Kablan’s businesses.
- 3. SixCap must accept the assets as they are. Abdalla Kablan will not carry out further work on the software even if they are incomplete or defective.
SixCap refused to agree to the above conditions which it regards as unreasonable. Abdalla Kablan committed numerous legal wrongs when he resorted to abruptly and wrongfully shutting down SixCap’s software systems (and our businesses) and just because he wants leverage to demand for more monies than he deserved. Given the substantial damage his actions have caused SixCap, and the fact that he insisted on inserting Condition 3, SixCap was unable to agree to Abdalla Kaban’s terms.
Because we did not agree to his terms, Abdalla Kablan continues to hold all of our software and IP. Even Scheduit Ltd’s email platform has been locked by him no doubt because he wants to delete incriminating emails.
We have been working with Maltese lawyers to examine all evidence and documents with a view to crafting a comprehensive case against Abdalla Kablan in international legal proceedings. We are nearly there and will keep all investors posted of further developments.
Payment Plan for PLAYTAGG / B’DATA investors
A detailed payment plan has been finalised. We will be contacting each affected individual soon to outline the details of the payment plan.
Legal Proceedings against Six Capital Investments Ltd (SCIL)
We appreciate that all customers who have placed money with SCIL will be very anxious to know when repayment can be made. We are working very hard on this. We hope you’d understand that given the adverse publicity, it has been very hard for us to continue doing business in the usual way. Our attempts to recover have also been hampered by the refusal of any banks to maintain an account for us and the almost daily threats from creditors and suppliers.
Leaving emotions aside, we believe you’d agree there is really no benefit to any creditor if SCIL collapses or is wound up. We hope therefore that you will be patient with us and refrain from commencing and continuing legal proceedings until at least after you have an opportunity to review the payment plan which we have just finalised.
Thank you for your patience and support.
Six Capital Investments Ltd
25 January 2018
Dr Abdalla Kablan
On 9 October 2017, Dr Kablan abruptly abandoned his responsibilities in the Six Cap Group of Tech and departed overnight without any notice together with his team of developers.
Despite SCIL's requests to do so, Dr Kablan had refused to return the intellectual properties, software, systems and other work products (and even email facilities) (the "Assets") belonging to the Six Cap Tech Group unless certain of his financial demands are met.
Dr Kablan was the creator, chief developer and architect of the Ricebowl system as well as all of the technological engines behind the operations of the Six Cap Tech Croup. At one stage, Dr Kablan was also the Group CEO of the Six Cap Group of Companies.
Dr Kablan's abrupt departure and his refusal to return the Assets therefore led to a forced shut-down of all affected business operations of the Six Cap Tech Group overnight. There is a concern that Dr Kablan may be using the Assets to further his own ambitions.
We consider Dr Kablan's actions to be wrong and in breach of his obligations. After taking legal advice, SCIL instructed its lawyers to file a judicial letter in the court in Malta to seek remedies against Dr Kablan for his breaches of duties. In the letter, SCIL also demanded a return of the Assets.
As Dr Kablan's actions have caused significant losses to Six Cap (including the closure of PLAYTAGG and B'DATA), we intend to vigorously pursue all available remedies against him.
Payment Plan for PLAYTAGG / B'DATA investors
The uncertainties created by legal proceedings threatened by investors, the evolving events in Malta and the effects of the recent negative publicity have had an adverse impact on SCIL's efforts to revive its businesses. To suggest otherwise would not be creditable.
SCIL however remains optimistic that there are opportunities to conclude a favourable repayment plan. But such opportunities will not be available if SCIL is under threat of being liquidated and its assets/funds rendered un-usable. It therefore seeks the patience and understanding of all affected investors to give SCIL time to repay. We will shortly be contacting each affected individual to outline the details of the repayment plan. Watch out for our email.
There has recently been published in the local press articles which appear to refer to Six Capital Investments Ltd. The contents of these articles are inaccurate in many material respects and we have written to the Straits Times by way of a clarificatory response. A copy of our letter (with minor edits) was published on The Business Times on 14 December 2017. We have reproduced it here for your reference.
In the meantime, should you wish to contact us, you can reach us at firstname.lastname@example.org. We will try our best to address your queries to the fullest extent but we seek your indulgence and patience as our current resources are limited. Please note that we reserve our right not to respond to abusive or irrelevant messages or to persons who are not acknowledged creditors of SCIL and therefore not an interested party.
We are afraid we will also not be in a position to disclose sensitive information which if placed in the hands of certain third parties may adversely compromise SCIL's position in legal proceedings.
Thank you for your patience and support.
Six Capital Investments Ltd
14 December 2017