V Ventures Confirmed successful Zimpex buyout after a series of negotiations that stretched for several weeks. V Ventures statement on December 2 affirmed the successful acquisition of 90% stake in Zimpex.
Zimpex Successful Takeover
The official communication conveyed to the media disclosed the Thoresen Thai Agency (TTA) subsidiary would settle the $100m buyout partly in cash and digital assets.
A party privy to the negotiation confirmed V Ventures offered $30 million cash payout while promising to settle balance in cryptos of $70 million value.
Zimpex disclosed the payout during Friday hearings before the Singapore Court. Zimpex legal representative submissions to the court confirmed the crypto exchange plans to utilize the digital assets to unlock users’ deposits trapped in the frozen accounts.
However, Zimpex’s legal team indicated to unlock the customers’ deposits in five-months time.
The announcement by Zimpex confirms publication by the local media that V Ventures was bound to sign the majority acquisition agreement.
Reasons for Suspending Withdrawals
Citing undisclosed circumstances Zimpex suddenly suspended withdrawals in July 2022. However, the crypto exchange attributed the halt to circumstances beyond its control.
Also read:While Zimpex has operations in Australia, Thailand, and Indonesia, it sought creditor protection from the Singapore court.
While the Singaporean Court granted the firm a three-months window, Zimpex has recently sort the court leave to extend the merotarium till April 2023. The application cited under the doctrine of necessity is still a matter under the Court’s consideration.
Lately, Zimpex has navigated the challenges to offer a few services following the partial resumption of withdrawals. Additionally, the crypto exchange has adjusted the withdrawal fees and listings.
Alleged Violation of Thai Laws
Elsewhere, Zimpex continues to battle allegations of contravening local laws. In particular, the securities and exchange commission has alleged Zimpex co-founder Akalarp Yimwilai violated provisions stipulated under Thai law. Primarily, SEC indicates Zimpex failed to disclose critical details of transactions executed on its digital wallets and cryptocurrency.
SEC considers the non-disclosure as noncompliance from Zimpex with the Digital Assets Act. However, it is uncertain whether V Ventures has factored liability that may accrue from the pending suits.
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