SERC says taking GoldFX to capital’s Prosecutor’s Office

The Securities and Exchange Regulator of Cambodia (SERC) on August 20 said it is conducting legal proceedings against besieged GoldFX Investment Co Ltd with the Phnom Penh Municipal Prosecutor’s Office.

The regulator has also requested a deeper probe into the derivatives broker over misconduct and questionable practices, as well as the resolution of all complaints concerning relevant criminal cases, it said in Press Release No 018/21.

SERC said complaints regarding GoldFX Investment have kept coming in since March 30, when it issued a press release encouraging clients who feel they have been wronged by the firm to come forward.

“The case has resulted in a number of complaints from GoldFX Investment clients, prompting the SERC to conduct legal proceedings with the prosecutor’s office, and request further investigation into the company’s suspicious operations, as well as the settlement of all complaints against the firm pertaining to relevant criminal cases,” it said.

Aiming to smooth and expedite the process, SERC called on the public, clients and all stakeholders to cooperate in accordance with the procedures in force.

SERC officials – including those without the status of civil servants deemed “necessary” and recruited to work at the regulatory agency – have the legal capacity as judicial police and have functions as set in the Code of Criminal Procedure and relevant legislation, the regulator said.

This, it noted, is stipulated in Article 10 of the Law on the Issuance and Trading of Non-Government Securities and Article 16 of Sub-Decree No 97/ANKR/BK on the Organisation and Functioning of the SERC.

After receiving permission from the Phnom Penh Municipal Prosecutor’s Office with letter No 637 dated August 5, SERC judicial police officers continue to investigate suspicious transactions and complaints from clients against GoldFX Investment and GFX International Co Ltd, with the authority granted under the provisions of the Code of Criminal Procedure, according to the regulator.

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