Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 100

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 2
Chunk 100
---
 2002-2005, has been leading fulltime a group of experts for the
setup of the Asia Diamond Exchange since January 2018. He has brought together the main trading players in the rough diamond industry
to come to Vietnam. He has also established a partnership with the biggest player in the rough trading and polishing business and engaged
other main international diamond trading groups to join the overall venture.

The
Company has taken the decision to move the greater part of the ADE rough and polishing venture, first to an Industrial Zone to be established
close to the new international Airport in Long Thanh District, Dong Nai Province, Vietnam, and currently aiming at the Thanh Da Peninsula
in conjunction with the contemplated International Financial Center. This location change has caused that the entire KPC Process and
administration had to be adapted and redone with renewed financial input, mostly carried by Mr. Smet.

Mr.
Smet has started a structuring project, in order for PHI to set up and establish an International Financial Center in conjunction with
the Asia Diamond Exchange. This will be similar as what Mr. Smet has established successfully for Dubai in 2002-2005 and this now incorporating
the international changes of the last decade.

Once
the Company has effectuated all budgeting and all financial requirements and obligations, the ongoing process will effectively materialize
and Mr. Smet then shall transfer the entire venture to Philux Global Group, Inc.

The
Company has incorporated Asia Diamond Exchange, Inc., a Wyoming corporation, ID number 2021-001010234, as the holding company for the
development of the Asia Diamond Exchange in Vietnam.

PHILUX
GLOBAL FUNDS SCA, SICAV-RAIF

On
June 11, 2020, the Company received the approval from the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and successfully
established and activated PHILUX GLOBAL FUNDS SCA, SICAV-RAIF (the “Fund”), Registration No. B244952, a Luxembourg bank fund
organized as a Reserved Alternative Investment Fund in accordance with the Luxembourg Law of July 23, 2016 relative to reserved alternative
investment funds, Law of August 23, 2016 relative to commercial companies, and Modified Law of July 12, 2013 relative to alternative
investment fund managers.

The
following entities had previously been engaged to support the Fund’s operations: a) Custodian Bank: Hauck & Aufha