Home Business Mirror Buying and selling Worldwide: Lacking CEO's property provisionally sequestrated

Mirror Buying and selling Worldwide: Lacking CEO’s property provisionally sequestrated

  • The property of Johann Steynberg, the lacking CEO of bitcoin buying and selling platform Mirror Buying and selling Worldwide, has been provisionally sequestrated.
  • Steynberg went lacking in mid-December, a couple of days earlier than authorities introduced the platform was unlawful. 
  • MTI’s collapse harm hundreds of members, who’ve been unable to withdraw their investments.

4 months after he disappeared, the property of lacking Mirror Buying and selling Worldwide (MTI) CEO Johann Steynberg has been provisionally sequestrated.

The candidates within the case have been the 5 joint provisional liquidators of MTI. 

The order was handed down within the Polokwane Excessive Courtroom final week. The court docket dominated it didn’t should furnish Steynberg with a replica of the order as he couldn’t be discovered. 

Steynberg was the CEO and face of of native bitcoin buying and selling platform, which promised lavish returns to buyers along with commissions for recruiting new members.

MTI’s management previously strenuously denied it was a Ponzi scheme, accusing detractors of jealousy. However the scheme immediately imploded in December when it stopped paying out funds to members. It was provisionally liquidated quickly after.  

It was later named 2020’s biggest global cryptocurrency investment scam by information agency Chainalysis.

Vanishing act 

Steynberg, who had an extended historical past of promoting funding schemes, was MTI’s sole director, in keeping with the Corporations and Mental Property Fee.

In mid-December, a couple of days earlier than market regulator the Monetary Sector Conduct Authority introduced it believed MTI was an unlawful operation, he went lacking.

Across the identical time, two messages have been posted on an MTI social media channel saying that Steynberg had left the nation and could also be in Brazil.

Fin24 has been unable to succeed in him.

Cheri Marks, MTI’s former head of communications and advertising, previously told Fin24 that Steynberg “willingly” left SA.

“We suggested towards it. He determined to go away,” she stated. 

A ultimate sequestration listening to will happen on July 20.

In the meantime, the Western Cape Excessive Courtroom is set to hear why MTI shouldn’t be positioned into ultimate liquidation on the finish of Might. 

MTI Timeline

  • 4 April 2019: Johann Steynberg registers Mirror Buying and selling Worldwide as a brand new firm. 
  • 7 July 2020: Texas Securities Fee says MTI is a “multilevel advertising get-rich-quick scheme” and provisionally orders it to stop buying and selling within the US state.
  • 19 August 2020: Market regulator the Monetary Sector Conduct Authority recommends shoppers withdraw funds from MTI.
  • 14/15 December: Final time Steynberg’s colleagues say they heard from him.
  • 17 December 2020: The FSCA states it believes MTI and its senior administration are conducting an “unlawful operation”. It opens a felony case with the Hawks.
  • 21 December 2020: MTI’s attorneys, Ulrich Roux and Associates, state that Steynberg is now not in South Africa. Additionally they announce their withdrawal.
  • 29 December 2020: The Western Cape Excessive Courtroom grants a provisional liquidation order towards MTI.
  • 1 March 2021: MTI’s ultimate liquidation listening to is postponed till late Might.
  • 13 April: Steynberg’s property is  provisionally sequestrated. 
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