South African Court Grants Final Liquidation Order Against ‘Biggest Cryptocurrency Scam Of 2020’ – Bitcoin News Settlement
A South African judge, Judge Alma de Wet, has ruled in favor of granting a final winding-up order against Mirror Trading International (MTI), the country’s biggest bitcoin scam during the past year. Nevertheless, the judge postponed until September 8, 2021 the decision of the liquidators of MTI to have the company declared illegal.
According to a report, interested parties who oppose the liquidators’ request for intervention “now have until July 30 to submit their affidavits”. On the other hand, the liquidators “have until August 13 to file the affidavits in response and must file their arguments before August 24”.
Meanwhile, the latest court ruling, which came nearly six months after the interim liquidation order, represents a victory for liquidators who have faced opposition from MTI shareholders led by Clynton Marks. As previously reported by Bitcoin.com News, Marks, a 50% shareholder in MTI, opposed the liquidation, saying it would harm investors.
Arguments of MTI shareholders
Along with other opponents of the liquidation proposal, Marks claimed that MTI was still solvent and that the liquidation of the company would be premature. In addition, the co-owner of MTI raised a series of technical arguments which he said prove that the process which led to the granting of the provisional order was not carried out correctly.
After several delays, however, the liquidation hearing was finally held on June 15 and judgment was handed down 15 days later. It is not yet clear whether the assets of the investment platform and the proceeds from the sale of the recovered MTI bitcoins will be sufficient to meet all of the claims against the company.
Does winding up Ponzi schemes like MTI help the victims’ cause? Let us know what you think in the comments section below.
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