Banxso attacks law firm in liquidation battle
Banxso has alleged that the actions of Mostert & Bosman, the law firm leading a liquidation application against it, are not in the best interest of its clients, Moneyweb reports.
In response, Mostert & Bosman denied the allegations and said Banxso’s commentary ‘was riddled with incorrect and/or misleading statements.’
The law firm’s clients are individuals who have lost significant amounts on the Banxso platform after being deceived by allegedly fake adverts featuring celebrity billionaires marketing automated investment products offering exorbitant returns on nominal investments of around R4 800.
Banxso has denied any links to the adverts and maintains that people who lost money on its platform did so due to their trading decisions.
Mostert & Bosman launched the liquidation application in August to represent an elderly lady who lost R500 000 of her savings in her dealings with Banxso after responding to one of the adverts.
The law firm then launched a website to allow other individuals who lost money to register as creditors to be part of the application.
Around 227 people have registered, claiming they have lost a total of R298m.
Banxso is defending the application, which will be heard in the Western Cape High Court on 17 March 2025.
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.
