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Luitingh and Associates, the attorneys who initiated the liquidation petition against Mirror Trading International (MTI), are appealing to all creditors to notify them of any claim against the scheme.
This follows a statement from MTI management that they have lost contact with the CEO of the company, Johann Steynberg, and that they are not sure of the status of the plan funds.
According to the release, MTI has had trouble obtaining bitcoins from its broker with which to pay for member withdrawals.
Steynberg’s disappearance and MTI’s statement follow recent news from the Financial Sector Conduct Authority (FSCA) that it has opened a criminal case against the company.
The FSCA said that the MTI and its top management are conducting an illegal operation, are misleading customers and have violated various laws.
He filed the criminal complaint after conducting a simultaneous raid at three MTI-related locations in October: its offices in Stellenbosch and the homes of two members of its leadership.
The FSCA investigation into MTI uncovered the use of false business statements, undeclared losses, and possible fraud involving thousands of bitcoins.
Before the raid, the FSCA issued a warning that people should withdraw their money from the plan.
MTI liquidation requests
Shortly after Steynberg’s disappearance and the statement from MTI’s management, investors who were unable to withdraw funds submitted two applications to a higher court for the liquidation of MTI.
Luitingh and Associates now created a website to make it easier for MTI investors who lost funds to file a claim against the plan.
Anyuschka Nett, an attorney for Luitingh and Associates, says that it is vital that creditors complete an application form found at www.mtiliquidation.co.za.
“We need to be fully aware of all claims against MTI to adequately help the public recoup their investments,” said Nett.
“Despite the warnings from the FSCA, the membership of MTI has increased to approximately 280,000, which means that the loss is potentially a massive blow to many people.”
Nett said that while this is neither the first nor the last of its kind in South Africa, with an estimated loss of R8 billion, it appears to be one of the largest ever.
“We need to work fast to recover assets in a fast and competent manner and we would like to avoid a lengthy and lengthy liquidation process,” said Nett.
Full MTI statement
MTI’s full statement is included below.
Now Read: Mirror Trading International CEO Missing As Clients Struggle To Withdraw Funds
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