Cambodians burned as forex trading company halts operations

Politically connected platform GFX promised monthly returns of up to 10%.

The abrupt closure of a politically connected investment company in Cambodia has left investors worried they may never recover their money — and turned a spotlight on the country’s nascent derivatives market.

GoldFX Investment, which says it earns returns for investors through foreign currency trades, announced a “temporary” suspension of operations in March but has yet to resume service.

GFX, as it is also known, is blaming the trouble on three foreign former board members whom it claims embezzled $20 million from the company, local news outlet Voice of Democracy reported.

In full: https://asia.nikkei.com/Business/Markets/Cambodians-burned-as-forex-trading-company-halts-operations

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