Swiss International Commodity AG – also called SIC AG – planned to go public. However, due to numerous shortcomings, the IPO has been postponed several times. After the last postponement, no further date has been announced so far.
Swiss International Commodity AG: General Information
According to its own statement, Swiss International Commodity AG is based in the field of oil, processed raw materials – petrol, diesel – and works together with the “Globoil Group” based in Turkey. The following information is given on the company’s homepage: “Swiss International Commodity AG is a public limited company under Swiss law with its head office in Zug.
It is registered in the Commercial Register of the District Court of Zug under the number CHE-110.322.032. – Swiss International Commodity AG – Untermüli 6, 6300 Zug, Switzerland – Tel.: +41 41 508 73 00 – Tel.: +41 41 508 73 01 – Fax: +41 41 508 73 01 – E-mail: contact@sintcom.ch”
A check of the information in the Commercial Register of the Canton of Zug, Switzerland, reflects and confirms the information provided.
SIC AG: Bond – Share – IPO?
However, a further check leads to the realisation that SIC AG has only recently changed its name. The original company was founded in 2003 under the name “Introfoods AG”. As the name suggests, the company’s field of activity was not in the oil sector. It was not until 2020 that Introfoods AG was changed to Swiss Interntional Commodity AG.
In addition, the business purpose was also revised.
According to Swiss Interntional Commodity AG’s own statement, it now specialises in “trading, intermediary trading and brokering of raw materials of all kinds, in particular with raw materials from the petrochemical industry, with refined raw materials, with recycling raw materials, with metals, with chemical elements and with derivatives from such, operation of petrol stations.”
Kürsat Hanbaba will serve as chairman of the public company’s board of directors. Thomas Metz is listed as another member of the board of directors. A Jean Pierre Laurent is responsible for data processing, according to the website of Swiss International Commodity AG.
A branch office located in Berlin (Aschaffenburger Straße 25) could not be found. Rather, a purely residential building is located there. Furthermore, in March 2022, the address of the branch is no longer listed.
Swiss International Commodity AG share
According to Wallstreet Online, the current value of the Swiss International Commodity AG share is CHF 0.900 (26.1.2022). Three months earlier it was 1.81. This corresponds to a loss in value of approx. 50 %.
Swiss International Commodity: Acquisition of shares
Clients of Swiss International Commodity AG from the DACH region have reported to us that they were contacted by David C. Rubenstein or Andrea Großmann by way of a cold call. The person introduced Swiss International Commodity AG and informed them that pre-IPO shares could be purchased for 1.00 Euro / unit.
The issue price when going public would be many times higher. By Christmas 2021, the capital invested could thus be multiplied. However, the seller would not be Swiss International Commodity AG, but the Globoil Group. The purchase price was also to be paid into an account of the Globoil Group.
The accounts were always abroad – often Lithuania and, at a later date, Belgium.
Swiss International Commodity: IPO postponed
After the purchase of shares, an unforeseen event occurred: On 21.12.2021, the investors of Swiss International Commodity AG were surprised by the following announcement: SIC AG cancels plans for IPO for the time being – Swiss International Commodity AG has postponed its IPO for the time being.
Too many fundamental parameters have changed significantly, according to the company’s management. In particular, the upcoming revaluation of the subsidiary Lusso Petrol AS is being awaited. … All mandates regarding the planned IPO have been terminated. Patience is now the virtue of the hour, according to statements to investors.
Swiss International Commodity: Takeover Offer
On 05.01.2022, customers were then informed of a takeover bid: “Takeover offer following record figures for SIC AG – Swiss International Commodity AG has exciting news to announce at the start of the year. The talks about a takeover of SIC AG, which have been ongoing since the end of 2021, are now entering the next phase of concretisation.
An initial price framework has been set. The Turkish mineral oil company Sanoil announced its interest in the logistics and distribution network of the pure SIC subsidiary Lusso Oil some time ago and has now signed a letter of intent in this regard. […]
The purchase offer, which is addressed directly to SIC AG, is now available and has been publicly announced by Sanoil. A price range of CHF 2.70 – CHF 3.10 has been set, whereby the revaluation of Lusso Oil is still awaited, which should be available shortly.
The offer is addressed to all shareholders of SIC AG, including minority shareholders whose shareholdings are above a minimum threshold. An acquisition of at least 95% of the ordinary shares is stipulated as a condition.
SIC AG is now in discussion with its shareholders, who will ultimately have to make a decision on the takeover offer in their entirety.”
Swiss International Commodity AG Experience
In this section we explain what experience investors have had with SIC AG. For this purpose, we refer to an article published online by the Schutzgemeinschaft für geschädigte Kapitalanleger e.V. (SGK e.V.) Furthermore, we inform you about how financial supervisory authorities evaluate Swiss International Commodity AG.
What do capital investors report?
According to the SGK e.V., investors became aware of SIC AG’s online trading portal via internet advertisements. There, contact was made with brokers. Apparently, the brokers had recommended investments in shares and bonds of SIC AG to the investors.
Small sums of money were necessary for this. Shortly afterwards, they were induced to make further investments.
Investors reported to the lawyers of the Herfurtner law firm that they were asked to purchase a minimum number of shares. Only when they had acquired a certain number of shares could they participate in the takeover bid. After the acquisition of further shares, however, they had received no further response. All enquiries have remained unanswered.
Acquisition in the social media
According to the SGK e.V., brokers of Swiss International Commodity AG had advertised in the social media for investments in shares of SIC AG. For this purpose, they had placed advertisements on Instagram and Facebook. In addition, videos had been uploaded to Vimeo and Youtube.
However, according to the SGK e.V., the references contained in the videos were fake and were intended to encourage potential investors to invest.
Access to bank accounts
The SGK e.V. also reports that the employees of Swiss International Commodity AG allegedly offered investors remote access to their computers as a customer service. Teamviewer and Anydesk were used for this purpose.
In reality, however, they were only interested in gaining access to the investors’ accounts. In this way, the employees succeeded in transferring money to their own accounts, according to the article by the Schutzgemeinschaft für geschädigte Kapitalanleger.
What is the economic situation of Swiss International Commodity AG?
On the company’s website www.sintcom.ch, only an annual financial statement for the 2019 financial year refers to the financial situation of the public limited company. However, the financial report is hardly meaningful with regard to SIC AG, as the company was still operating under the name Introfoods AG at the time.
Introfoods AG had the following business purpose:
- Trade in machinery and other equipment and spare parts relating – directly or indirectly – to the food industry
- Trade in food products and raw materials of the food industry and catering
The published financial report shows that the company was over-indebted in 2019. Furthermore, the fact that no further financial reports have been published on the internet site since then leaves many questions about the economic situation of SIC AG unanswered. Key information that potential investors and investors are missing.
Aurelia UK / The Aurelia & Swiss International Commodity AG
The company The Aurelia or Aurelia UK recently came to light through massive distribution of SIC AG shares. Behind the UK-based company is Uncommix Ltd, which is known for operating various other websites.
Assessments by financial supervisory authorities – what BaFin says
Swiss International Commodity AG Assessment: According to a consumer notice by BaFin, there is reason to suspect that SIC AG is making securities available in Germany without a prospectus and is thus in breach of the prospectus requirement (Article 3(1) of the EU Prospectus Regulation).
Therefore, BaFin requested Swiss International Commodity AG to report to the Federal Financial Supervisory Authority. In addition, it should indicate a person in Germany to whom both notifications and disclosures can be made.
Before a prospectus can be published, BaFin checks whether all minimum information is listed correctly and whether the content is free of contradictions. Alternatively, it is also possible to have a securities information sheet checked. However, BaFin does not carry out a detailed examination of the content. Basically, the prospectus not only ensures transparency, but also creates trust.
Bear in mind that Swiss International Commodity AG cannot be found in BaFin’s company database. Therefore, it is reasonable to assume that it might lack BaFin authorisation. Whether it is the FINMA in Switzerland, the FMA in Austria, the BaFin in Germany or the British FCA:
Up to now, apparently no respected European financial supervisory authority has legitimised SIC AG.
Swiss International Commodity AG – Lawyers advise
Would you like to tell the lawyers of the Herfurtner law firm about your experience with Swiss International Commodity AG? You are welcome to contact us at any time via our contact form. We will call you and arrange a free initial consultation with attorney Moser.
In a detailed conversation, we will discuss your experience with SIC AG and, if necessary, discuss possible ways forward with you.