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.
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 email@example.com. 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