CoinShots Logo
Potential Zipmex Investor Asks CEO Marcus Lim To Forfeit His Shares
A potential investor in troubled crypto exchange Zipmex has asked the company’s founder and group CEO to forfeit all his shares on closing of the investment an email obtained shows.
7:05 28th Sep, 2022

The email sent Tuesday by Chalermchai Mahagitsiri via his representative asked Lim to forfeit 100% of his shares upon the closing of any potential investment. Last month, Mahagitsiri, son of Thai billionaire and coffee king Prayudh Mahagitsiri, is one of two parties in advanced investment talks with Zipmex.

"We request the Zipmex Team to prepare a confirmation letter of your share forfeiture for you to sign and to take effect at closing," the email addressed to Lim reads. "We look forward to moving on from this situation and receiving this confirmation letter."

Zipmex halted client withdrawals in July due to its exposure to Babel Finance and Celsius, two beleaguered crypto lenders that froze customer funds in June. Zipmex has estimated its total exposure to Babel and Celsius at $53 million and it is reportedly looking to raise about that much from investors. Zipmex has until Dec. 2 to sort out its financial problems, having received a three-month moratorium extension from the Singapore High Court in August.

“As my team and I continue to work towards bringing in new investments to make our customers whole, negotiations with various parties are entering a critical phase," Lim said in emailed comments. "As such, I am unable to comment on any details as there is a non-disclosure agreement (NDA) between parties and until they have been agreed upon by all stakeholders I cannot disclose more. I am however surprised any interaction (even if it occurred) was leaked given the NDA.”

Lim has also been a target of Zipmex's existing shareholders, who have been seeking his departure, according to a Bloomberg report from last month. The report said at least one "large" Zipmex shareholder wrote to Lim asking him to resign, citing a loss of trust among partners and the firm's severe cash crunch.

A Zipmex spokesperson said: “Zipmex is in talks with investors to raise capital as we have previously stated. Part of those conversations include discussion of structural changes to strengthen management.


CoinShots Logo



Get in touch:

© 2024 Coinshots (AtlasZero LLC). All rights reserved.