The liquidators of Mirror Trading International have arranged that they receive a R120-million payment out of the defunct pyramid scheme’s estate before any victims have received a cent.
MTI made headlines in September 2020 when a group calling itself Anonymous ZA exploited vulnerabilities in the scheme’s poorly-coded website.Johann Steynberg, former Mirror Trading International CEO Thanks to FXChoice’s swift action and the timing of MTI’s liquidation, the liquidators banked almost R1.1 billion by selling the bitcoins on Luno.
It also makes provision for another R29.6 million to SARS in income taxes, calculated at a rate of 8%.It was available for inspection for 14 days at the Cape Town Master’s Office and the Stellenbosch Magistrate.A reader in the Cape eventually visited the Master’s Office and provided a detailed report of the document’s contents. They had initially gone to the Stellenbosch Magistrate, but the person with access to the papers was either sick or on leave.
“During the inquiries, Adv Victor investigated and conducted the inquiries on witnesses to establish the claims against each witness, he also prepared all bundles of the inquiries and forwarded to the attorneys of record,” they stated.