FSX rejects money laundering claim

Company says it is gathering evidence to take legal action against accusers

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Media reports alleged FSX and its executives are linked to a money laundering network with ties to scammers.

SET-listed investment bank Finansia X (FSX) has denied allegations the company and its executives are linked to a money laundering network, saying such media reports are false.

According to the Stock Exchange of Thailand (SET), FSX chief executive Chuangchai Nawongs already submitted the clarification regarding media reports suggesting the company and its executives may be linked a transnational scammer network and money laundering scheme.

FSX said the reports were false and the facts had been misrepresented, the SET said in a statement.

Mr Chuangchai’s comments responded to media reports alleging cryptocurrency exchange KuCoin and South African money launderer Benjamin Mauerberger illegally seized control of FSX through front companies.

The reports suggested this takeover was part of a multi-billion-dollar money laundering operation linked to Southeast Asian scam centres.

FSX said its subsidiary Finansia Syrus Securities (FSS) previously entered into a cooperation agreement with ERX Co, which operates under the name KuCoin Thailand, a licensed digital asset business operator regulated by the Securities and Exchange Commission (SEC).