Zeti has requested the Singapore High Court to re -investigate its financial reorganization project. In a fresh filing on June 6, Zai requested the court to re -evaluate the dismissal of the scheme. The approval was initially arriving on May 16. However, the court terminated the order to complete further paperwork. At that time, neither Zai nor Wazirks had informed the lenders about the missing documents, which was shocked.
Wazirks shared a copy of the court’s filing with Gadget 360 on Monday, June 9, which revealed that the Singapore High Court had found Zeti in violation of the financial services and the Markets Act 2022 (FSM Act). According to the court, Zai had a lack of a digital token service provider (DTSP) license to work in Singapore.
In response, the company argued that it was “not following a business” and therefore it does not require a DTSP license. He added that the proposed reorganization scheme was a distribution of one -time assets and not the trade crypto service.
The first court concerns were also noted in the filing – which was raised in May – Wazirks users about insufficient disclosure of information, which led to the reorganization plan. Zyai confronted him, saying that he shared appropriate details to enable informed lenders to vote, which resulted in 93.1 % approval. The company also confirmed the establishment of “Zenosoi”, a subsidiary in the Republic of Panama.
“On the June 4 hearing, JC Tan partially rejected 940 on the basis that Zyai had not revealed Zenosi’s involvement in the Republic of Panama, and about the potential role that Zennoi had said in the implementation of the scheme before June 4, 2025, saying it was not filing.
The company said that although Zyai is currently responsible for distributing non -liquid payment assets (NLPA) as part of the first recovered token payment, Wazirks is responsible for distributing lenders, it can transfer operational rights to Zenosoi, which allows the sub -agency to be allowed.
To deal with legal concerns and rapid compensation to the affected lenders, Zyai offered two suggestions for the court’s consideration.
“The court can order any amendment in the terms of the scheme to order any possible ‘stains’ to be resolved.
Until Monday, the court’s response to the latest filing is still pending.
Meanwhile, the periodic period given to Zai and Wazirks in Singapore expired on June 6. In its filing, the company has requested an extension of the Mortorium, which has saved both entities from the lender cases while they worked on the compensation project. The latest appeal, which was initially given in September last year, has already been raised at least once.
Financial harassment arose in July 2024 due to a major security violation, when a multi -signal purse from Wazirics was hacked, resulting in the loss of consumer funds $ 230 million (about Rs 1,900 crore). Wazirx has alleged that North Korean hackers were behind the attack. Despite launching white hats and launching a legal investigation, the stolen funds have not yet been recovered. Lenders have since expressed their disappointment and disappointment in social media platforms.
