Liquidators of Mirror Trading International (MTI) have managed to recover more than R1bn, but faced a claim of R931m from SARS.

According to a report in Die Burger, this is detailed in the first liquidation and distribution account submitted to the Master.

SARS settled with the liquidators on an amount of R283m and the liquidators were paid R286m in legal fees by time of finalisation of the first account. 

The liquidators are facing increasing pressure from MTI investors who have not received a cent since the liquidation started in 2020.

Some have started the ‘MTI Action Group’ and threaten to challenge the liquidators in court.

Susan Strydom, attorney of the liquidators, denied the allegations. She said settlements with SARS are usually confidential, but they obtained permission to disclose it in the interest of transparency.

She also defended the expenditure on litigation: ‘Due to the unique nature of the estate in that MTI was an illegal Ponzi scheme involving bitcoin as opposed to other fiat currency, there wasn’t sufficient precedents on which the liquidators could rely and they have been compelled to approach the courts in several applications.’

Full report in Die Burger (subscription needed)