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Court extends cut-off date for Maxim Fund investors to make claims by 30 November 2023

Issue date: 2023-10-30 16:31:07

The Court of First Instance has granted the Securities and Futures Commission’s (SFC) application to extend the cut-off date for investors to make claims in connection with investment schemes operated by Maxim Capital Limited and Maxim Trader (Maxim Fund) in Hong Kong by 30 November 2023 (Extended Cut-off Date).

In June 2022, the Court mandated 23 July 2022 the cut-off date (Original Cut-off Date) for investors to make claims when it ordered Maxim Capital Limited and Maxim Trader to pay qualifying investors of the Maxim Fund following legal proceedings brought by the SFC under section 213 of the Securities and Futures Ordinance (Notes 1 to 3).

After the Original Cut-off Date, the SFC continued to receive enquiries from investors who made claims for the very first time.  In the light of these enquiries, the SFC made an application to the Court to extend the cut-off date for investors to make claims after considering and balancing the interests of all stakeholders concerned.

On 25 September 2023, the Court granted the SFC’s application to extend the Original Cut-off Date.  Under the latest Court order, investors – who became aware of the Maxim Fund in Hong Kong and had invested in it but have not made a claim to the SFC on or before 23 July 2022 – should make claims and submit details of the relevant investment to the SFC no later than 5:30pm on 30 November 2023 Extended Cut-off Date (Note 4).  Moreover, pursuant to the recent order of the Court, no claim shall be accepted after the Extended Cut-off Date.  Please check Reminder of extended deadline for claims: Maxim Fund for details of making claims for payment (Note 5).

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Notes:

1. The Judgment is available on the Judiciary’s website (Court Reference: HCA 2482/2015).
2. Please see the SFC’s press releases dated 10 November 2015, 11 December 2015 and 9 June 2022.
3. The administrators appointed by the Court to receive, administer and distribute the frozen monies to the affected investors on a pro rata basis are Mr James Wardell and Mr Jackson Ip of Moore Recovery Limited.
4. Nothing herein contains an acceptance of any claims made and to be made by investors.  Each of the claims would be assessed individually and may or may not be accepted.  Where a claim is accepted, given the number of investors concerned and the size of the claims, payment to an investor in respect of his/her claim would not be in the full sum as claimed by him/her.
5. The SFC will also advertise in two newspapers published and circulated in Hong Kong (Sing Tao Daily and South China Morning Post) inviting investors of Maxim Fund to make claims for payment.

News captured as of:2023-10-30 16:31:07

Source: SFC