In the absence of regulatory action, the Mirror Trading International liquidation process continues.

The latest is a confusing series of events that saw victims claims universally rejected.

Jan Vermeulen of MyBroadband has pieced together what happened at the first meeting of Mirror Trading International creditors.

The issue appears to be the volume of creditor claims.

A spokesperson for the various liquidators told Vermeulen;

If every claim had to be inspected and debated separately, the first meeting would take about 40 days of debates and arguments, which would result in an escalation of legal costs with little or no benefit to MTI creditors (members).

The agreed on solution was to reject all claims, appoint final liquidators and close the meeting.

What will now happen instead is the liquidators will

verify them all against the MTI back-office data and any other information and documents at their disposal.

Approved claims will be recorded. Claims that fail verification will be resubmitted to the court for processing.

Creditors will be informed after the verification process has been completed of the findings.

There is no timeline for this process. But presumably it’ll take less time than “40 days of debates and arguments”.

Accompanying Jan Vermeulen’s article is a copy of the November 11th Liquidator Report.

Disclosed in the report is this interesting tidbit;

Regarding claims of some so-called MTI management members or heads of departments, it was clearly discovered that they received excessive remuneration packages and, since approximately October 2020, an additional Bitcoin per person per month.

It undoubtedly constitutes dispositions without value, and it is doubtful that any employee can still have a claim for arrear salaries against MTI, according to the liquidators.

Which employees have been receiving 1 BTC a month, how much was received and who was paying the bitcoin is not disclosed.

Mirror Trading International CEO Johann Steynberg fled South Africa in December 2020. He hasn’t been seen or heard from since.

Suspected MTI owners Clynton and Cheri Marks remains at large in South Africa.

South African authorities launched an investigation into Mirror Trading International last year. Following raids conducted last October, no further action has been taken.