A South African Supreme Court recently issued a preliminary winding-up order against Mirror Trading International (MTI) following a request for exemption from two investors who had not withdrawn their bitcoin. According to a statement by attorneys for one of the injured investors, this preliminary injunction paves the way for the appointment of a liquidator to take control of MTI’s assets and liabilities.

Provisional decision

The Cape Town court order came after the Financial Sector Conduct Authority (FSCA) reported receiving complaints from investors who have failed to withdraw invested funds. The court decision also follows messages from Johann Steynberg, the CEO of the alleged online bitcoin scam platform skipped the country.

At the same time, a statement by MTI management alleges that Steynberg, who no longer communicates with fellow executives, has blocked his colleagues from accessing the company’s funds. The management team says it is now working with law enforcement officials to get money back from investors.

Meanwhile as a local publication reportsthe court’s provisional order also calls on “creditors and stakeholders to reconvene in early March to demonstrate why a final winding-up order should not be issued”. In the meantime, the injunction will “now be served on MTI’s registered business premises.”

MTI dumped by lawyers

Nevertheless, the report explains that there are doubts as to whether the court can successfully serve the CEO with the warrant, as his exact whereabouts are unknown. News.bitcoin.com previously reported that Steynberg has fled to Brazil and his wife Nerina is in control of MTI’s funds.

In addition, former MTI attorneys Ulrich Roux and Associates confirmed in a December 21 letter that the CEO had left South Africa. Interestingly, the lawyers used the same letter to announce the end of their business relationship with MTI.

In the meantime, the law firm representing one of the investors who approached the court, Luitingh and Associates, says it is willing to assist other creditors and aggrieved investors in filing claims against MTI. Injured investors can download the liquidation form from a website dedicated to victims of the MTI scam.

Do you believe that MTI investors will manage to get back all the money lost? Tell us what you think in the comments section below.

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