If you do not act you have no representation.
Our legal team has highlighted the article on Moneyweb*, stating that it is a reasonably accurate presentation of the known facts. This highlights the disadvantage/ dilemma of the smaller investor. It also demonstrates that the greater majority of investors have no voice at all.
- Legal Representation to get the desired results - the Big Beneficiaries are opposing actions taken by the liquidators and are achieving their required results in the past few weeks, preventing being subpoenaed for questioning by the liquidators in terms of Section 417/418 of the Companies Act. (You are looking at names like Cheri and Clynton Marks, according to moneyweb 'Clynton and Cheri Marks are winners to the tune of R62.9 million ( £30.5 million or $41.2 million) in the MTI scheme'. Others being 'Nico de Jong Boshoff, Joseph Usher Bell, Marinus Bell, Ignatius Bell, Nico van der Merwe and Gerald Lassen', alleged benefactors of R106 million, ( £5.1 million, $6.9 million) in the MTI scheme.
- The Big Beneficiaries have the financial resources to appoint legal representation to act on their behalf and get the desired results.
- If this is declared a Ponzi scheme, there is no chance that the funds will be recovered by the investors. The liquidators and various other parties are trying to get this declared as a Ponzi scheme.
- NO Claims approved - 'The liquidators rejected all claims at the first meeting of creditors last year', echoed by Van Rooyen, acting on behalf of the liquidators, “Merely because no claims have been approved ..." - again the smaller investors are unrepresented (it appears as if no objection has been lodged in regard to this.)
- Enough money to pay claims - The liquidators have claimed that 'an additional roughly 8 000 bitcoin (worth about R5.4 billion at current prices) have been located in an offshore wallet' - this amounts to roughly $270 million/£200 million, more than enough to cover the investor's claims - unrepresented the Investor's claim may never be heard. In terms of this article and other sources, the liquidation of MTI can be apposed as there appears to be enough money available to pay the creditors. Investors need a voice to act on their behalf.
- Getting the liquidators to act in accordance with the Companies Act would ensure a positive outcome for the investors to recover their investments.
- Investors ignored - Throughout this article, no mention has been made of smaller investors, only of the Beneficiaries and what they have accomplished.
- The Beneficiaries have enough funds to fight this for years, they rely on the fact that the individual investors do not have the financial means to afford effective legal representation and would not be in a position to influence the case as individuals.
- You have a voice if we unite - If we work together, you as investors will be heard, a strong legal team who will back you and fight for you.
References:
Two-nil in High court against MTI liquidators
Notes from the Article: https://www.moneyweb.co.za/news/companies-and-deals/two-nil-in-high-court-against-mti-liquidators/?www_getaquid_com
10 Comments
Varsha patel · 25/01/2022 at 1:11 am
This is good way for unity I would love to join becoz I lost money in mti
PfoJC · 25/01/2022 at 9:57 am
Varsha, we are doing everything in our power to keep the costs as low as possible.
Your membership is not only in your own interest to safeguard your investment but also to help the legal team speak with more Authority.
Thanks for your response.
Riana Zietsman · 25/01/2022 at 9:39 am
How ligit is this notice? I have had communication from MTI communication action with the same concerns. What worries me is the fact that we have to join and then committ to a monthly fee according to your investment!
Before any response from my side, I would like to view comments from other investors.
PfoJC · 25/01/2022 at 9:54 am
Riana,
The thing is the investors can sit on the sideline without representation and then simply accept what happens as has been the case up until now.
GetaQuid and the legal team currently trying to protect your assets does need your support. The Getaquid team are only going to be able to do this properly if the investors support them adequately.
A class action by the NEI investors is the best way to ensure you have representation as an investor.
Maher Edwards · 25/01/2022 at 11:00 am
Problem is, how long is this going to go on for, at R50p/mth .
Karl Wright · 30/01/2022 at 8:06 am
Exactly??
Kosie Brits · 25/01/2022 at 5:11 pm
I was under the impression that we are already protected based on the recent communications received and the claims that had to be submitted before certain deadlines.
Whether the claims had been received is yet another story since no correspondence in that regard had been received.
When C Marks opposed the application we were advised that that action was in our favour, now to be told something different.
Maher Edwards asked a question to which we need answers prior to doing anything.
Riana Zietsman · 25/01/2022 at 6:49 pm
What is the difference between “getaquid.com” and “Action Recovery” on Telegram? This group has representation in the form of Adv Henry Stelzer. Please wxplain the difference. Very confusing.
Karl Wright · 30/01/2022 at 8:03 am
We were told not too join anything like this because there are scams and who are you exactly and what are our rights and how are we protected anyone can just offer this havnt we been scammed enough with it being done professional and under regulation and authority to protect us investors , we lost enough already thanks??
Steve Salzwedel · 01/02/2022 at 8:26 am
I will be happy to commit to the monthly fee to get a result, on the proviso that if/when we win this case, that we are refunded our contributions from the settlement amount. Getaquid should be able to justify costs against the liquidation and be refunded for the costs incurred. Funding from investors should be refunded. Can Getaquid confirm this?