DURBAN - FIVE planes, a car and 11 pieces of land were among the assets worth R106 million forfeited by the Asset Forfeiture Unit (AFU) from CoinIT Trading, a company that others have confused with CoinItGold Investment Club.
“CoinItgold Investment Club is neither associated with nor affiliated to the KwaZulu-Natal based Coinit Trading. We have noted media reports about CoinIt Trading,a company currently facing investigation by the authorities. Coinitgold Investment Club acknowledges that it has name similarities with the company, however, the companies and directors have no association or relationship with each other,” says Nicky Smale, CoinItGold Investment Club’s president.
The AFU, under the National Prosecuting Authority in KZN, was instructed by the Pietermaritzburg High Court to forfeit assets from CoinIt Trading after the company was suspected of making suspicious investment dealings.
CoinItGold Investment Club also emphasised that their investments were solely based on precious metals and they would never ask their investors to make any monetary deposits.
“The AFU obtained a forfeiture order from the High Court of South Africa: KwaZulu-Natal Division, Pietermaritzburg, in relation to several immovable properties and vehicles worth R106m,” says Natasha Kara, NPA regional spokesperson.
CoinIt Trading went on an advertising spree where and it got the public into depositing funds as part of their investments.
The advertised investment agreements by CoinIt Trading misled the public into believing that the funds would be used to purchase plant materials by the company.
“Coinit had placed advertisements on its website and in different newspapers calling for people to invest with them. As a result of the advertisements, a number of people deposited funds into CoinIt’s bank accounts.
“In terms of the Financial Advisory and Intermediary Act and the Banks Act, CoinIt was not authorised to accept deposits from the investors. In the investment agreements with investors and as per the advertisement, CoinIt said the money would be used by the company and its directors to purchase rigid trucks, older horses, newer horses, TLBs, front end loaders and dumpers – plant materials. However, the funds were used to purchase immovable properties, cars, aircraft and shares in other companies,” says Kara.
She said the forfeited assets would be handed into the custody and control of the liquidators of CoinIt and the other liquidated entities, once the forfeiture order takes effect.
Daily News