South African Court Grants Final Liquidation Order Against the ‘Biggest Cryptocurrency Scam in 2020’ – Regulation Bitcoin News

A South African judge, Judge Alma de Wet, has ruled in favor of issuing a definitive liquidation order against Mirror Trading International (MTI), the country’s largest bitcoin scam last year. Nevertheless, the judge postponed a ruling on a motion by MTI liquidators to have the company declared unlawful to September 8, 2021.

According to a report, interested parties who oppose the interim application of the liquidators now have “until July 30 to submit their affidavits”. Liquidators, on the other hand, “have until August 13 to file affidavits and must submit their arguments before August 24”.

Meanwhile, the latest court ruling, delivered nearly six months after the interim liquidation order was issued, represents a victory for liquidators facing opposition from MTI shareholders, led by Clynton Marks. As previously reported by News, Marks, a 50 percent shareholder in MTI, spoke out against liquidation, claiming it would harm investors.

MTI shareholder arguments

Along with other opponents of the liquidation proposal, Marks claimed that MTI was still solvent and that the company’s liquidation was premature. In addition, the MTI co-owner made a number of technical arguments which, in his opinion, demonstrate that the process that led to the award of the preliminary contract was not properly carried out.

However, after several delays, the liquidation hearing finally took place on June 15, and the verdict was pronounced 15 days later. It remains unclear whether the investment platform’s assets and the proceeds from the sale of the recovered MTI bitcoins will be sufficient to meet all claims against the company.

Does the liquidation of Ponzi operations like MTI help the victims cause? Let us know what you think in the comments section below.

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