Bitcoin News and Finance
MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court Skip to main content

MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court

MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court

A South African High Court recently served Mirror Trading International (MTI)’s Johann and Nerina Steynberg with a provisional sequestration order. The court’s decision follows a successful court application by the five joint provisional liquidators of the now-defunct online bitcoin scam.

Sequestration Not Final

According to a report, the order was reportedly served on the Steynbergs’ residential address at Eagle Crest in Polokwane. However, the report adds that the Steynbergs still “have until the return date of July 20, 2021, to give reasons why final sequestration should not be granted on that date.” Meanwhile, a copy of this court order was also delivered to the South African Revenue Services.

As previously reported by Bitcoin.com News, MTI collapsed after Johann Steynberg, who reportedly fled to Brazil in late December 2020, blocked fellow co-founders from accessing the firm’s bank accounts. However, before fleeing, the CEO had ceded control of the company’s funds to his wife Nerina.

An Attempt to Save MTI

In the meantime, the same report states that certain investors are attempting to save MTI. The report says:

MTI will be back in court next month (May) as certain investors try to save it from final liquidation and rather put it under business rescue or restructure its debts in terms of a Section 155 compromise under the Companies Act.

Nevertheless, this last-ditch effort to save MTI comes even after both the liquidators and the Financial Sector Conduct Authority (FSCA) said they do not see “much chance of the company being saved from liquidation.”

Meanwhile, despite being uncertain of “how much will be recovered from the estate of Johann and Nerina Steynberg”, liquidators say they have a better understanding of where some of the MTI assets may be stashed. This new understanding follows the use of section 417/418 inquiry of the Companies Act which is used “to help track down and recover assets in insolvent companies.”

Liquidators have urged MTI members to lodge their claims with the insolvency practitioners at investrust.co.za.

Do you think this sequestration order will prove the recovery chances of MTI investors? Tell us what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory