On 29 December 2020, the Cape High Court placed Mirror Trading International (MTI) under provisional liquidation. The Master of the Cape High Court has appointed four provisional liquidators to track down assets belonging to MTI.
The provisional liquidators appointed are: AW van Rooyen, H Bester, Jacolien Frieda Barnard, and Deidre Basson. The provisional liquidators have until 01 March 2021 to submit a report outlining the assets and liabilities of MTI. Once this is completed, a final liquidation order will likely be granted.
According to a recent interview with Carte Blanche, a South African investigative journalism TV show, Brandon Topham, Head of Investigations at the FSCA, has said that every member of MTI who withdrew money from the scheme will have to pay the money back to liquidators.
“Don’t spend the money,” said Topham.
“If you made a perfectly legitimate investment of let’s say, R50,000 and you got back R70,000.. In terms of our law, they (the liquidators) can ask for the whole R70,000 back and you will have a claim for your R50,000 with every other investor.”
For the moment, it is unclear how these repayments will work and when they will be required. This will be decided by the liquidators appointed to the case. It is, however, possible that the repayments may be limited to funds that were withdrawn within a specific period.
Creditors are encouraged to start submitting claims in anticipation of the final liquidation order being granted, by visiting: www.mtiliquidation.co.za
Feature image by Leshoz biz from flickr