Hundreds of CoAssets' retail investors were left reeling in early December 2020 when it came to light that the Singapore-based alternative lending platform had transferred US$30 million (S$39.9 million) of its borrowings to a little-known debt recovery firm Sunfits.
CA Funding is "currently non-operational and insolvent", with loan recovery "extremely challenging".
Aggrieved investors have since filed police reports against CoAssets' co-founders Getty Goh (who was the former group CEO) and Seh Huan Kiat, and have grouped together on social media channels such as Telegram to pursue legal action.
Source: 3Jan2021 https://www.straitstimes.com/business/investors-left-in-the-lurch-as-investment-platform-coassets-runs-into-trouble
