Business & Investment

Liquidators flock to MTI-Moneyweb

The day after Johann Steynberg, CEO of Mirror Trading International (MTI), confirmed his appointment as AWOL, two applications were filed with the Cape High Court for liquidation of the company.

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Both cases were brought about by MTI investors trying to withdraw money from a Bitcoin investment scheme that promised up to 10% return per month.

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The Financial Sector Conduct Authority (FSCA) issued a statement a few months ago to avoid MTI and demand money because it operates without a financial services provider’s license and makes a luxury claim. I advised the people.

Rapid increase in the number of members

Despite bad publicity and FSCA warnings, the number of MTI members has increased from about 80,000 to 280,000 reported in the last five months.

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One of the applications was submitted by MTI investor Anton Lee and may be heard urgently on Thursday (December 24th).

Another application for MTI liquidation, also in front of the Cape High Court, was filed by Steven Watkins, who borrowed R150 000 from MTI and was unable to withdraw funds from his MTI account after December 21st.

Watkins said he bought Bitcoin through the Reno crypto exchange in September and transferred it to MTI’s “pool account” on November 30.

It was at this point that MTI’s computerized “bot” allegedly began trading his funds. As the Christmas period approached, Watkins decided to withdraw funds and recorded a request on MTI’s system on December 21st.

“I was pretty worried [MTI’s] It was clearly impossible to process my withdrawal request and I started making inquiries among other members I knew.These members informed me that they were having similar problems with withdrawing funds [MTI]Read Watkins’ founding affidavit.

He also had problems this week when Ulrich Roux & Associates, MTI’s legal representative, notified MTI investors that he had resigned as legal adviser to the company because Steynberg could not be contacted and members could not withdraw. He said it came to mind. Funding as before.

read: MTI plans counterclaim after FSCA attacks executive offices and homes (October 28)

Previously, it only took two days to process a withdrawal, but at least one member with a relatively large amount of Bitcoin said he couldn’t withdraw money to Moneyweb for months. It was.

MTI “Clearly unable to pay bill”

Neither Lee nor Watkins could respond to the request for withdrawal, so MTI clearly could not pay their claims or the claims of other investors, and it was fair and impartial to dissolve the company. Insist.

“Sure, the problem gets worse and it’s its only director and self-proclaimed CEO. [Steynberg] It seems that the former lawyer has so withdrawn and fled abroad and lost contact while informing investors / members that they are currently supporting the FSCA investigation. [MTI’s] “The case,” said Watkins’ affidavit.

Jan Luitingh of Luitingh & Associates Attorneys told Moneyweb that he has created a web page to show that other members are interested in participating in the Watkins liquidation proceedings.

Anyone who wants to sign up can do so here..

According to Watkins’ affidavit, Steynberg is the only director of MTI, claiming that MTI is a Bitcoin trading platform and a way to earn passive income from cryptocurrencies, while “illegal investment or It’s nothing more than a “mouse lecture” scheme. ”

In his affidavit, Watkins describes the referral marketing system and the three commissions or bonuses that can be earned by referrals to new members.

The story will be updated as more news becomes available.

Liquidators flock to MTI-Moneyweb

https://www.moneyweb.co.za/in-depth/investigations/liquidators-swarm-mti/ Liquidators flock to MTI-Moneyweb

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