GoldFX, a derivatives brokerage firm, has just agreed to a three-way meeting with the government and victims after the snub last month. This comes after a representative for the victims known as Mala confirmed that victims can’t be repaid more than 30% of their capital investment.
In March 2021, GFX investors lost around $27 million in what was reported as one of the largest Ponzi scheme scams in Cambodia. According to representatives from the Ministry of Finance, the company ran an investment scan and was ordered to halt operations.
The government didn’t require the company to close offices as they had investors to repay. The temporary suspension was issued on March 30, but months later, victims have yet to receive a single cent.
Will the Victims Ever be Repaid in Full?
Representatives from GFX stated that the company is offering 20-30% refunds in compensation to the investors who lost money. So far, not many of them have agreed to the deal. Many have considered protesting in front of the Prime Minister’s house since they feel cheated and can’t take it anymore.
According to Duong Dara, a special mediator dispatched by the PM’s office, GoldFX should pay something closer to 80%. She believes that the victims should get 30% of their capital investment right away, with 50% paid in the next 3 months.
GFX claims that over 50% have agreed to their deals, although no one has confirmed those claims. The company was not a major player in the derivatives market, and according to experts, it doesn’t have the money to repay the victims.
It remains to be seen what promises can be made and if the victims regain their lost capital.
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