This follows after an urgent application for the liquidation was heard in court last week.  

The application was filed by an investor who was unable to withdraw funds. The cryptocurrency company made media headlines earlier when some of their data was leaked and indicated that they have about R2 billion in investments from clients.

The court further issued a rule nisi – calling upon all persons interested to show cause if any on 1 March 2021 at 10h00 or as soon thereafter as the application may be heard, why a final order should not be granted to place the respondent (MTI) under final liquidation and that the cost of the application shall be costs in the liquidation.

MTI is under investigation for promising investors high returns on their investments, and possible questionable trading practices. OFM News earlier reported the Financial Services Conduct Authority (FSCA) warned investors of MTI to withdraw their money as soon as possible.

Advocates Vaugh Victor and Hendrik van Staden have been appointed by the attorney on record, Cooney Attorneys, to investigate this matter.

OFM News reported earlier that the FSCA raided the offices of MTI. The authority’s investigation into the company stretched over months and led to raids of premises linked to the company in Polokwane, Stellenbosch and Durban.

FSCA executive, Brandon Topham, confirmed the raids to OFM News, saying the outcome of the investigation will determine their next step. He said if their investigation found any irregularities the company could be slapped with a hefty fine.

MTI members who are interested in joining a liquidation application in court today have been invited to indicate their interest. 

 OFM News