Liquidators intend to recover money that some investors might have received from bitcoin investment platform Mirror Trading International (MTI) before it went into liquidation. Photo: File
Liquidators intend to recover money that some investors might have received from bitcoin investment platform Mirror Trading International (MTI) before it went into liquidation. Photo: File

Liquidators intend to recover money investors gained before MTI’s demise

By Edward West Time of article published Jan 20, 2021

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CAPE TOWN - Liquidators intend to recover money that some investors might have received from Mirror Trading International (MTI) before it went into liquidation, the Financial Service Conduct Authority (FSCA) said in a statement yesterday.

“The FSCA understands the liquidators are of the view the funds or assets received by certain members of the public pursuant to investing with MTI, may be unlawful. The liquidators intend to recover such funds and assets from these investors – a course of action that the FSCA supports,” the FSCA said.

Although the main FSCA investigation had been completed, a criminal case had been opened with the Commercial Crime Unit, while the FSCA would assist the National Prosecuting Authority with its responsibilities.

The FSCA was also considering administrative actions to be taken against the individuals and entities involved.

MTI was a scheme that attracted up to R8 billion of investments from investors, through its automated forex and crypto-currency trading services. The company claimed its automated trading programme could yield growth of 0.5 percent to 1.5 percent a day.

The FSCA warned last year that people should withdraw their money from the scheme. When the scheme collapsed late last year, MTI chief executive Johann Steynberg disappeared in December, and some members instituted liquidation proceedings. Websites at: www. Tygerbergtrustees.co.za and www. Investrust.co.za.

BUSINESS REPORT

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