Johann Steynberg and wife’s assets subject to MTI clawback
While South African authorities continue to twiddle their thumbs and do nothing, liquidation proceedings against Mirror Trading International’s ringleaders continues.
The latest decision has seen provisional sequestration granted against Johann and Nerina Steynberg.
Johann Steynberg (right) is believed to be a puppet executive, working with MTI’s real owners Cheri and Clynton Marks. Nerina is his wife.
As reported by Jan Vermeulen of My Broadband;
The court order, which MyBroadband has seen, was handed down by Judge President Ephraim Makgoba on 13 April after the provisional liquidators of MTI applied for Steynberg to be sequestrated.
Steynberg and his wife Nerina were named as the respondents, but Steynberg is the only subject of the order.
If you’re like me and have no idea what “provisional sequestration” is, it allows for the Steynberg’s assets to be seized.
I’m not familiar with South African law, so whether this is a blanket clawback or if seized assets have to be tied to MTI is unclear.
In any event the Steynbergs or “any interested parties” have until July 20th to oppose the Steynberg asset seizure.
Johan Steynberg hasn’t been seen or heard from since he reportedly fled to South America last December. His wife Nerina is still in South Africa.
As for Cheri and Clynton Marks (right); again the failure of South African authorities to act, has seen victims take matters into their own hands.
On April 13th Vermuelen reported;
A High Court summons, seen by MyBroadband, has been issued to three people involved with BTC Global – Clynton Marks, Cheri Marks, and Andrew Caw.
Eighteen BTC Global Team victims have filed suit against the Marks and Caw.
BTC Global was a Ponzi scheme launched by the Marks and Caw in 2017. It was essentially the precursor to Mirror Trading International.
South African authorities have been investigating BTC Global Team since 2018. To date nothing has come from their investigation.
Housekeeping: The only news I’ve left is the AMG Supreme Court decision. I need a bit more time to get into it. I’m not intimately familiar with the case as it’s not MLM related.
From what I’ve seen though the FTC clawing back stolen funds from scammers is on hold until Congress acts. So it’s a temp win for scammers at this stage.
Will have to see how it plays out in the SBH and RengaLife cases (I’ll check those dockets tomorrow).
Should be caught up on that and emails tomorrow. Back to regular programming till early next week. Hopefully I’m just out for the Monday this time.
The Steynbegs lived (and Nerina still apparently lives) in Polokwane? No offence to anyone who does but that is hardly a match for their top flight act of being financial gurus.
In answer to your question, sequestration will cover just about all their assets regardless of whether they bought them with stolen MTI funding or not.
Luckily for when this happens to Cheri, the fridge is usually left behind along with other basics like bedding, etc.
From my reading Sequestration and Liquidation are similar,and that All Assets are to be seized and sold.
Sequestration is in a personal capacity and shields from further claims after the fact (debts are quashed).
Liquidation is for a business where the business gets dissolved (cant dissolve people unfortunately).
bbv.co.za/listing/sequestration-and-liquidation
One thing to note though that a big distinction with sequestration is that some assets can be shielded,as to not leave the person(s) destitute,but laws can differ as to what can remain.
Things like smaller assets needed to live/work and a roof over your head seems to be consensus.
So in their case their farm,multiple vehicles,and multiple lease-properties can be sold and 1 home and vehicle kept is my guess.
They do have kids so its likely the court wouldnt be entirely unreasonable there.
Polokwane isn’t South Africa’s answer to Silicon Valley and Wall Street?
Pssh. I’ll raise you a Ruja Ignatova.
*legally
There are plenty of slums and tent cities in Silicon Valley. It’s a place of contrasts, to say the least.
No, Polokwane is not SA’s version of Silicon Valley…. but I think people have long underestimated just how gullible South Africans are.
Think about how common affinity scams are in the Bible Belt of the USA, and that will give you an indication of the root behind their gullibility. Heck many of them even claimed that MTI was somewhat divinely ordained.
Cheri herself said in one of her earlier ‘training’ videos “South Africans LOVE a conspiracy”… and she’s right. They fall for all sorts of conspiracies and whatnot, again, and again, and again.
Oz:
I’ll double raise you a Carl Sebastian Greenwood and a Konstantin Ignatov.
But the Russians haven’t got to them yet?