South African Court Grants Order to Liquidate Mirror Trading International After Investors Fail to Withdraw Their BTC

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A South African high court recently issued a preliminary liquidation order against Mirror Trading International (MTI) after two investors who failed to withdraw their Bitcoin filed a motion for relief. According to a statement released by attorneys for one of the aggrieved investors, this preliminary order paves the way for the appointment of a liquidator to take control of MTI’s assets and liabilities.

Preliminary order

The Cape Town Court ruling came after the Financial Sector Conduct Authority (FSCA) reported receiving complaints from investors who were unable to withdraw funds invested. The court’s decision also follows reports that Johann Steynberg, the CEO of the alleged online bitcoin scam platform, skipped the country.

At the same time, a statement published by MTI management claims that Steynberg, who no longer communicates with other executives, prevented his colleagues from accessing the company’s funds. The management team says it is now working with law enforcement to reclaim investor money.

According to a local publication, the court’s provisional order also calls for “creditors and interested parties to meet again in early March to show why a definitive liquidation order should not be issued”. In the meantime, however, the preliminary order will be “now being delivered to MTI’s registered offices”.

MTI thrown overboard by lawyers

However, the report states that there are doubts that the court will be able to successfully serve the CEO with the order because his exact whereabouts are unknown. News.bitcoin.com previously reported that Steynberg fled to Brazil and that his wife Nerina retained control of MTI’s funds.

In addition, former MTI attorneys 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 relationship with MTI.

Meanwhile, the law firm Luitingh and Associates, which represents one of the investors who approached the court, is willing to assist other creditors and aggrieved investors in filing claims against MTI. Affected investors can download the liquidation form from a website dedicated to victims of MTI fraud.

Do you think MTI investors will manage to win back all the funds they lost? Let us know what you think in the comments section below.

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