Clearing the air over report on Six Capital


I refer to the article "Police reports filed against fintech company" (BT, Dec 4)

I have found the article to be one sided.

With regards to Paul Teng, he is not the chief investment officer and had never been given that title. His main expertise is gaming innovation and digital media and he was therefore appointed the chief innovation officer and TAGG Game Master. So far as TAGG was concerned, his responsibilities were to design the digital story-line and make it gamer-friendly. He had no responsibility for Ricebowl which was a proprietary system developed and operated entirely by Abdalla Kablan.

Paul resigned because TAGG was discontinued and there was nothing left for him to do.

Your reporter is or should be aware that the events leading to the discontinuation of TAGG and B'DATA are matters of record. Six Capital Investments Ltd (SCIL) had kept its customers apprised of developments and will continue to do so. It is now preparing to post a further update to its customers which will also cover a proposed repayment plan.

Finally, in an effort to recover from the recent setback, SCIL has taken appropriate legal measures in Malta to recover its assets from Dr Kablan who – despite acknowledging our ownership - had refused to return to the Six Cap Tech companies the intellectual properties, software, systems and other work products (and even email facilities) behind our businesses. Without these assets, SCIL was unable to operate its businesses and suffered significant losses. SCIL is seeking compensation from Dr Kablan for those losses.

Finally, BT may be interested to know that we are ready and willing to cooperate with the authorities to help with any investigations. Given the recent adverse media coverage and the fact that legal proceedings appear inevitable, we have been advised (and BT surely would appreciate this) that it is not appropriate to disclose publicly information which is confidential, privileged or which – if placed in the wrong hands – can adversely affect SCIL's legal position and interests. It would be unfair therefore to treat any reasoned reticence on our part to answer questions as being anything other than necessary given the current circumstances. It would be irresponsible for us to do otherwise.

Patrick Teng
Founder, chairman
SixCapital

The above is a reproduction of the contents of a letter published in The Business Times on 14 December 2017. The Editor of Business Times edited our letter before it published it. The above is the edited version.

The letter can also be found in http://www.businesstimes.com.sg/opinion/clearing-the-air-over-report-on-six-capital


Download the original letter