Nax Capital Private Limited
23 Jul
2015
Company Alert - Nax Capital Private Limited
Company Alert – Nax Capital Private Limited
 

From January 2014 to July 2015, the Consumers Association of Singapore ("CASE") received 21 complaints from investors relating to Nax Capital Private Limited (“Nax Capital”). These investors have feedback to CASE that they were told that they would be able to recover their monies previously paid to different timeshares companies if they invested in the company’s scheme.

These investors had made payment to Nax Capital directly through a Nax Capital’s representative and were issued receipts and contract(s) with Nixdorf-AX Ventures (“Nixdorf-AX”) for preference shares in Nixdorf-AX.

General Advice

Investors should note that Nixdorf-AX is incorporated in the British Virgin Islands and this may present certain difficulties when it comes to enforcing any contract against Nixdorf-AX (if applicable). Even if the investor succeeds in obtaining judgment against the company, whether the judgment is eventually satisfied will depend on the company’s creditworthiness. Investors should also take note to ensure that all representations or promises made by an agent are reflected in the contract signed.

Investors are urged to do their due diligence before making any investments and investors who are threatened with legal action/waiver of their rights are advised to approach a lawyer for advice.

In situations where the timeshare company is lowly capitalised and/or are no longer operating, it is unlikely for investors to be able to recover their monies previously paid to the timeshare company if they were to contract to make more payment be it to a third party (e.g. Nax Capital) or to the timeshare company. Investors should be cautious of such representations.

CASE understands that consumers of Nax Capital may have received telephone calls from representatives of Icon Solutions; International Timeshare Fund Action; Realty Access purporting to assist consumers to recover monies previously paid to Nax Capital. Consumers should note that Icon Solutions; International Timeshare Fund Action; Realty Access are listed on the Monetary Authority of Singapore’s (MAS) Investor Alert List and are not regulated by the MAS. Consumers seeking financial services are strongly encouraged to deal with persons that are regulated by MAS. 

Lodging A Complaint

Investors who wish to lodge a complaint against any company engaged in the sale of investment-related products/services should do so by writing to the Monetary Authority of Singapore (MAS) and/or emailing consumers@mas.gov.sg.

Investors who wish to report offences involving fraud and/or dishonesty, should do so by writing directly to the Commercial Affairs Department.

For more information, please visit:

MAS’s Investor Alert List: http://www.mas.gov.sg/MoneySENSE/Understanding-Financial-Products/Investments/Investor-Alert-List/IAL-Listing.aspx

MAS’s Consumer Alert: http://www.mas.gov.sg/MoneySENSE/Understanding-Financial-Products/Investments/Consumer-Alerts.aspx

Related Industry Company Alerts
From 1 November 2019 to 31 May 2020, CASE has received 69 complaints from consumers on Global ATC demanding payments for outstanding timeshare membership fees and/or maintenance fees allegedly owed to ATC. In most cases, the consumers received demand for payment despite having formally terminated their memberships. The payment amount stated on the invoices ranges from $320 to $23,800.
From January 2015 to June 2017, CASE received 20 complaints against Icon Solutions Pte Ltd. Complainants alleged that Icon Solutions is cold-calling potential investors and offering unregulated financial services to those who had previously bought timeshare products.
From 1 May 2013 to 10 April 2015, CASE received 31 complaints against AJ Chartered. Based on the consumers complaints received, consumers were made representations by various AJ Chartered’s employees / agents that they would be able to recover monies paid for previous timeshares purchased. The unfair practices complained by consumers also include misleading claims and false claims.
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