Mirror Trading International final liquidation granted
In the absence of regulatory action against the Mirror Trading International Ponzi scheme, civil liquidation proceedings continue.
The latest update is a final liquidation order, granted June 30th.
The final liquidation order follows a June 15th hearing, wherein judgment was reserved.
If you’re like me and are unfamiliar with South African liquidation law, a final order permits the “appoint(ment of) a liquidator to liquidate the assets of the company and pay its liabilities.”
In short Mirror Trading International’s South African victims are one step closer to getting a slice of seized assets.
The crown jewel of those assets is over 1200 BTC. My Broadband report;
Reportedly this bitcoin has already been converted to fiat currency. This was done before the recent crash in the bitcoin price, meaning that the liquidators may have already recovered around R1 billion on behalf of MTI’s creditors.
A billion rand comes to ~$69.9 million USD. Total Mirror Trading International investor losses are believed to top $500 million.
An intervening application by the liquidators to have MTI declared an unlawful business was postponed until 8 September 2021.
Those who wish to oppose the liquidators’ intervening application have until 30 July to file their answering affidavits.
The liquidators then have until 13 August to file responding affidavits and must file their heads of argument before 24 August.
Clynton Marks, who is believed to have run MTI with his wife Cheri, attempted to stay liquidation proceedings earlier this month.
South African authorities appeared to be working towards apprehending the Marks late last year.
Throughout 2021 however, authorities have made no moves or announced any further updates.
The Marks remain at large. Johann Steynberg, Mirror Trading International’s CEO, fled South Africa in December 2020.