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.