Singapore HC denies WazirX’s restructuring plan, co to set up entity in Panama
Zettai has taken steps to incorporate Zensui Corporation in the Republic of Patna and has been preparing for the transfer of operations of the firm’s cryptocurrency-related services.
Indian crypto exchange WazirX on Wednesday faced another setback after the Singapore High Court issued an order declining to approve the company’s proposed restructuring plan. The company hopes to begin operations after last July's $234.9 million crypto heist affected its business.
In a letter sent to its users post the court hearing, the company said Zettai, which operates the crypto assets of WazirX, has taken steps to incorporate a subsidiary Zensui Corporation, in the Republic of Panama. The company will be transferring operations of its cryptocurrency-related services to this new subsidiary. YourStory has seen a copy of this letter.
According to the note sent to users, Zensui was set up on March 10 and the agreement to transfer Zettai’s operations to the company has been finalised. Once executed, the cryptocurrency services are expected to take between two to three business days to be transferred.
Additionally, in response to a query raised by Singapore HC, Zettai said that it does not intend to apply for registration with the Financial Intelligence Unit-India (FIU-IND)—the national agency that is responsible for processing and analysing information related to suspicious financial transactions, including those of virtual digital assets (VDAs).
The firm noted that Zettai’s wholly owned subsidiary Zanmai is a registered entity with FIU-IND.
“Our primary focus remains to begin distributions as soon as possible. Towards this goal, we are currently evaluating all available legal options in consultation with our legal and advisory teams, and will be appealing against the decision of the Singapore High Court,” the company said in a statement on X.
“Today’s decision does not impact the NLPA assets, which remain safe,” it added.