Assets seized in AFU swoop on investment firm
Five aircraft, one car and 11 pieces of land were seized yesterday as the Asset Forfeiture Unit (AFU) in KZN swooped on an investment firm. The KZN High Court (Pietermaritzburg) granted the AFU a forfeiture order for the vehicles and property, worth R106m, against Coinit Trading and other liquidated entities, says a TimesLIVE report.
The order follows a preservation order – granted in November 2020 by the same court – to freeze Coinit's assets.
NPA spokesperson Natasha Kara said the matter was in connection with the contravention of the Financial Advisory and Intermediary Act.
According to Kara, Coinit placed adverts on its website and in various newspapers ‘calling for people to invest with them’.
‘As a result of the advertisements, a number of people deposited funds into Coinit’s bank accounts.’
In terms of the Financial Advisory and Intermediary Act and the Banks Act, Coinit was not authorised to accept deposits from the investors.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
