Thursday 17 August 2017 The one stop source for free breaking news, expert analysis, and videos on AIM and LSE listed shares

Is Filthy Forty MoneySwap another AIM-China FRAUD set to depart the Casino?

By Nigel Somerville, the Deputy Sheriff of AIM | Saturday 4 March 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has been taking up a cell in the Casino’s Death Row since its shares were suspended pending accounts on 21 September 2016. Under AIM Rule 41 it has just days to release numbers or become the 25th departure from the Filthy Forty. Whatever happened to the links to Unionpay? The e-wallet? The software? And is Interim CEO Craig Niven again about to preside over the collapse and disappearance into the ether of a Lin brothers fiasco?

Kung Min Lin and his brother Heng Jui (Henry) Lin have had their sticky fingerprints found all over three AIM disaster stories.

The first was Sportswinbet (SWB) which went on to become Power Capital Global (PCGB), an entity riddled with related party transactions involving the Lin brothers and their Kolarmy vehicle (see HERE) and which saw a total of around £9 million despatched off to the great central bank in the sky.

It was finally given the elbow by AIM at the back end of 2015 after serving six months on AIM’s Death Row as an investment company with no business, no cash and no audited accounts.

Meanwhile, with the CEO departing the Chairman – Kung Min Lin took over the role before departing the scene. Sound familiar? And who was left at the helm to oversee the last rites? That’ll be the good Mr Niven, and there he is having taken delivery of a remarkably similar-looking hospital pass at MoneySwap.

The third part of this story s, of course, PCG Entertainment (PCGE) where the Lin brothers were again heavily involved via the related party transaction (also involving Kolarmy) where PCGE bought a business but Kolarmy failed to meet its obligations to pay the bills and the suppliers to that business stopped supplying. That one was rescued under current chairman Richard Poulden when the business was in effect sold back to the Lin brothers and related parties in exchange for the shares they held in PCGE which have now been sold for cash to replenish the company’s coffers. But it looks to have been a close-run thing as to whether PCGE would survive at all.

And now, with Mr Niven stuck with what looks to be a zombie company which has been suspended from trading for almost six months pending accounts - and not even an acknowledgement that its 2016 interims are also well overdue - no money and seemingly no business perhaps history is set to repeat itself.

Have the Lin brothers allowed another AIM company to be left hurtling towards the wall at break-neck speed, a company which looked to hold some promise?

MoneySwap bundled its shareholders through General Meeting resolutions last year to allow it to issue shares and complete a refinancing deal before the terms were known on the grounds of urgency. Yet no transaction has taken place. Why? Indeed, it sounds as though the deal is all off and a new transaction is being sought.

The company has apparently been surviving on emergency cash loans ever since.

So, what happened? What happened to the Unionpay tie-up, the e-wallet, the software?

And why is it that ShareProphets is hearing that the company’s (new) office in Hong Kong is just a serviced affair, which we hear makes the Marie Celeste look like a crowded luxury cruise-ship, and where the reception desk says that it is very rare for anyone from the company to show up?

Tick-tock, tick-tock, 18 days to execution o’clock as shareholders consider the prospect of yet another Filthy Forty zero.

Filed under:

Never miss a story.

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

More on SWAP


Comments are turned off for this article.

Site by Everywhen