South African court grants liquidation order after investors fail to withdraw their BTC. After the Financial Sector Conduct Authority (FSCA) reported receiving complaints from investors who refused to withdraw investment funds, the order by the Cape Town court came. The court’s decision also follows claims that the country had been skipped by Johann Steynberg, the CEO of the suspected online bitcoin scam site.
At the same time, a statement released by the management of MTI alleges that Steynberg, who no longer interacts with fellow executives, barred his peers from accessing the funds of the company. The management team claims that while it attempts to recover investor money, it is now coordinating with law enforcement.
Meanwhile, as one local publication reports, the court’s provisional order also calls on “creditors and interested parties to reconvene in early March to show why a final liquidation order should not be granted.” However, in the meantime, the provisional order “will now be served on MTI’s registered business premises.”
Nonetheless, the study notes that there are concerns that the court will efficiently serve the CEO with the order since his exact whereabouts are unknown. Previously, Steynberg fled to Brazil and left his wife Nerina in charge of the funds of MTI.
Furthermore, MTI’s former lawyers, Ulrich Roux, and Associates confirmed in a December 21 letter that the CEO had left South Africa. Interestingly, the lawyers used the same letter to announce the end of their business relationship with MTI.
In the meantime, the law firm that represents one of the investors that approached the court, Luitingh, and Associates, says it is willing to assist other creditors and aggrieved investors to lodge claims against MTI. Aggrieved investors can download the liquidation form from a website dedicated to victims of the MTI scam.
[image: Tim Johnson]