CCRIF SPC Annual Report 2019-20
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Chairman s Message
On behalf of the board of directors, management and staff of CCRIF SPC, I am pleased to provide you with our Annual Report for policy year 2019/20. This Report covers our operations and presents our audited financial statements for the year ending 31 May 2020.
I seize this opportunity to thank our CEO, management, staff and service providers for their continued passion and commitment, and our members, donors, partners and stakeholders for your continued trust and support for the work of CCRIF SPC.
This year we welcomed to the board of directors, Mr. Michael Gayle, following the retirement of Mr. Kenneth Blakeley from the board in September 2019. I thank Ken for his sterling contributions to CCRIF from its inception in 2007.
Claims Xinja investors spooked after red flags in cyber security audit
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A Las Vegas headquartered online security firm that claims it was hired by Dubai investors to audit Xinja says it found significant problems with the fallen neobank s technology that left customers vulnerable to cyber attacks.
Defensury director Luca de la Torre said his firm was enlisted by Abu Dhabi based World Investments to discreetly probe Xinja’s digital infrastructure ahead of finalising a $433 million lifeline payment announced in March.
But after detecting red flags with the neobank’s technology infrastructure, Mr de la Torre recommended World Investments withhold from providing any capital before encouraging a complete overhaul of the app.
Bad luck dogs Xinja Bank s Dubai agent
Michael Gale, the colourful adviser who lined up a failed $433 million investment in Xinja by Dubaiâs World Investments, is no stranger to big promises being made by wealthy Middle Eastern families and not delivered.
Jan 19, 2021 â 12.00am
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Scratch below the surface of the forced closure of Xinja Bank and you will come across a man whose 40-year career in venture capital, angel investing and funds management has been dogged by failures.
Adviser Michael Gale has a track record of gaining promises of big dollars from the Middle East.Â
David Rowe
Gale has complained about his name and past business dealings being featured on a number of websites that contain defamatory material about him. Gale says in a blog written several years ago that these reports were ââfake newsââ.
Investors told Xinja would make $138m profit by fiscal 2026
Investors told Xinja would make $138m profit by fiscal 2026
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Potential Xinja investors were told the company would surpass $100 million in profit within five years and expand globally, despite the fallen neobank s losses multiplying since inception.
A confidential investor presentation, obtained by
The Age and
Sydney Morning Herald, made forecasts that Xinja would be in the black within two years and post $138 million in profit by fiscal 2026.
Xinja’s financial records show its losses have multiplied since it launched three years ago and auditors have consistently warned of insolvency risks. In 2018, the company reported a loss of $6.5 million, which subsequently increased by more than five-fold to $35.8 million this year.
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