The struggle for control over the multi-billion rand Mirror Trading International (MTI) estate is heating up with a bid of some 2 000 investors to remove the liquidators, Rapport reports.

Advocate Hendrik van Staden, who acts on behalf of the aggrieved investors, claims in a letter to the Master that the liquidators are not acting in the best interest of creditors.

The liquidators of MTI – thought to be one of the largest cryptocurrency schemes in the world with up to 280 000 investors and involving some R6bn – wants to have the scheme declared illegal, which would lead to large-scale recoveries from investors.

The liquidators have already secured R1.1bn worth of bitcoin and say they are focusing on the top 200 investors who allegedly ‘profited’ by R700m.

The aggrieved investors allege that an affidavit used in the process was ‘false’, and that the liquidators used the services of someone purporting to be an attorney who wasn't.

The liquidators deny all the allegations and question the motives of Van Staden and the investors he allegedly represents.

The Western Cape High Court is expected to consider the legality of the scheme in March.

Full report in Rapport (subscription needed)