MTI case postponed over late filings
The Western Cape High Court has postponed an application to have disgraced bitcoin trading platform Mirror Trading International declared a Ponzi scheme, reports Fin24.
The court was set to hear two days of evidence this week around whether or not the site, which collapsed in late 2020, was a fraudulent scheme.
The platform's liquidators want it to be declared a Ponzi scheme, saying this would broaden their powers to help them track down the missing bitcoin that flowed through the site.
Their application is being opposed by several parties, including Clynton Marks, who claims to be a 50% shareholder of MTI.
The platform's founder and CEO, Johann Steynberg, was arrested in Brazil late last year. He has not yet been extradited to SA.
About 20 lawyers, representing five different parties, thronged the court this week to argue for or against postponement.
While the liquidators said they were ready to argue the case, Judge Alma de Wet said she could not be expected to review a flood of late court filings in time.
De Wet said it had been ‘raining papers’, some of which were hundreds of pages long.
The application was postponed to 29 April 2022.
The MTI liquidators said they had ‘no doubt’ that the late filings were meant to place the court in an ‘impossible position’.
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.
