According to a January 2021 press release, The Financial Sector Conduct Authority (FSCA) has completed its investigation into Mirror Trading International (MTI). The FCSA will share its findings with the liquidators appointed by the Master of the High Court.
The appointed liquidators are Mr. AW van Rooyen (Investrust Insolvency Practitioners), Mr. H Bester (Tygerberg Trustees), Mrs. J Barnard and Mrs. D Basson (Tshwane Trust Co).
Creditors who intend to lodge a claim with the liquidators, or anyone who has information that can be of assistance, are encouraged to contact the liquidators through their websites. Claim forms will be available on the liquidators websites within the next few days. The websites are: www.Tygerbergtrustees.co.za and www.Investrust.co.za.
“The FSCA understands that the liquidators are of the view that the funds or assets received by certain members of the public pursuant to investing with MTI, may be unlawful.”
“The liquidators intend to recover such funds and assets from these investors – a course of action that the FSCA supports. Affected investors are requested to contact the liquidators in this regard.”
The FSCA stated that, even though their main investigation has been concluded, they have decided to open a criminal case with the Commercial Crime Unit and will be assisting the National Prosecuting Authority (NPA) with its duties. The FSCA have also stated that they will also assist the liquidators in their extensive task of completing the liquidation and subsequent distributions.
The Authority further mentioned that they are working with foreign regulators to ensure that MTI’s unlawful activities are not perpetuated in other jurisdictions.
The FSCA will now consider administrative actions to be taken against the individuals and entities involved in the matter.