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Hong Kong Court Extends Deadline for Claims by Maxim Fund Investors to 30th November 2023, Hong Kong Court in 2022 Ordered Maxim Capital to Repay Investors Having Raised $21.6 Million from 260 Investors with 3% to 8% Monthly Returns

1st November 2023 | Hong Kong

The Hong Kong Court of First Instance has granted the Hong Kong Securities & Futures Commission’s (SFC) application to extend the cut-off date for Maxim fund investors to make claims to 30th November 2023.  In 2022, the Hong Kong court has ordered Maxim Capital and Maxim Trader to repay more than 260 investors who had invested $21.6 million (HKD 170 million) since 2013 in investment scheme with promised payout of 3% to 8% monthly returns.  Hong Kong SFC: “The Court of First Instance has granted the Securities and Futures Commission’s (SFC) application to extend the cut-off date for investors to make claims in connection with investment schemes operated by Maxim Capital Limited and Maxim Trader (Maxim Fund) in Hong Kong by 30 November 2023 (Extended Cut-off Date).  In June 2022, the Court mandated 23 July 2022 the cut-off date (Original Cut-off Date) for investors to make claims when it ordered Maxim Capital Limited and Maxim Trader to pay qualifying investors of the Maxim Fund following legal proceedings brought by the SFC under section 213 of the Securities and Futures Ordinance (Notes 1 to 3).  After the Original Cut-off Date, the SFC continued to receive enquiries from investors who made claims for the very first time.  In the light of these enquiries, the SFC made an application to the Court to extend the cut-off date for investors to make claims after considering and balancing the interests of all stakeholders concerned.”  More info below:

“ Hong Kong Court Extends Deadline for Claims by Maxim Fund Investors to 30th November 2023, Hong Kong Court in 2022 Ordered Maxim Capital to Repay Investors Having Raised $21.6 Million from 260 Investors with 3% to 8% Monthly Returns “

 



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Hong Kong Court Extends Deadline for Claims by Maxim Fund Investors to 30th November 2023, Hong Kong Court in 2022 Ordered Maxim Capital to Repay Investors Having Raised $21.6 Million from 260 Investors with 3% to 8% Monthly Returns

Hong Kong, Asia’s leading financial centre

30th October 2023 – The Court of First Instance has granted the Securities and Futures Commission’s (SFC) application to extend the cut-off date for investors to make claims in connection with investment schemes operated by Maxim Capital Limited and Maxim Trader (Maxim Fund) in Hong Kong by 30 November 2023 (Extended Cut-off Date).

In June 2022, the Court mandated 23 July 2022 the cut-off date (Original Cut-off Date) for investors to make claims when it ordered Maxim Capital Limited and Maxim Trader to pay qualifying investors of the Maxim Fund following legal proceedings brought by the SFC under section 213 of the Securities and Futures Ordinance (Notes 1 to 3).

After the Original Cut-off Date, the SFC continued to receive enquiries from investors who made claims for the very first time.  In the light of these enquiries, the SFC made an application to the Court to extend the cut-off date for investors to make claims after considering and balancing the interests of all stakeholders concerned.

On 25 September 2023, the Court granted the SFC’s application to extend the Original Cut-off Date.  Under the latest Court order, investors – who became aware of the Maxim Fund in Hong Kong and had invested in it but have not made a claim to the SFC on or before 23 July 2022 – should make claims and submit details of the relevant investment to the SFC no later than 5:30pm on 30 November 2023 Extended Cut-off Date (Note 4).  Moreover, pursuant to the recent order of the Court, no claim shall be accepted after the Extended Cut-off Date.  Please check Reminder of extended deadline for claims: Maxim Fund for details of making claims for payment (Note 5).

Notes:

  1. The Judgment is available on the Judiciary’s website (Court Reference: HCA 2482/2015).
  2. Please see the SFC’s press releases dated 10 November 2015, 11 December 2015 and 9 June 2022.
  3. The administrators appointed by the Court to receive, administer and distribute the frozen monies to the affected investors on a pro rata basis are Mr James Wardell and Mr Jackson Ip of Moore Recovery Limited.
  4. Nothing herein contains an acceptance of any claims made and to be made by investors.  Each of the claims would be assessed individually and may or may not be accepted.  Where a claim is accepted, given the number of investors concerned and the size of the claims, payment to an investor in respect of his/her claim would not be in the full sum as claimed by him/her.
  5. The SFC will also advertise in two newspapers published and circulated in Hong Kong (Sing Tao Daily and South China Morning Post) inviting investors of Maxim Fund to make claims for payment.

 

 

Hong Kong Court Orders Maxim Capital to Repay Investors, Raised $21.6 Million from 260 Investors with 3% to 8% Monthly Returns

9th June 2022 – The Hong Kong Court of First Instance has ordered Maxim Capital and Maxim Trader to repay more than 260 investors who had invested $21.6 million (HKD 170 million) since 2013 in investment scheme with promised payout of 3% to 8% monthly returns.   Since 2015, investors had stopped receiving the payout from Maxim, and were informed their investments had been converted into shares (Hong Kong SFC view as worthless).  Hong Kong SFC: “In November 2015, the SFC obtained interim injunction orders to freeze monies totalling approximately $23.5 million held by Maxim Capital with a licensed money service operator in Hong Kong.  The Court has appointed administrators to receive, administer and distribute the frozen monies to the affected investors on a pro rata basis.  The Court also ordered Maxim Capital and Maxim Trader not to hold themselves out as carrying on a business in regulated activities whilst unlicensed and to suspend their websites.” (SFC ~ Hong Kong Securities & Futures Commission)

 

 

Hong Kong SFC

Hong Kong SFC: “In November 2015, the SFC obtained interim injunction orders to freeze monies totalling approximately $23.5 million held by Maxim Capital with a licensed money service operator in Hong Kong.  The Court has appointed administrators to receive, administer and distribute the frozen monies to the affected investors on a pro rata basis.  The Court also ordered Maxim Capital and Maxim Trader not to hold themselves out as carrying on a business in regulated activities whilst unlicensed and to suspend their websites.”




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