Mirror Trading Liquidation: High Court Grants Provisional Liquidation Order

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South African Court Grants Order to Liquidate Mirror Trading International After Investors Fail to Withdraw Their BTC.

A South African High Court recently granted a provisional liquidation order against Mirror Trading International (MTI) following an application for relief by two investors who failed to withdraw their bitcoin. According to a statement released by lawyers of one of the aggrieved investors, this provisional order paves the way for the appointment of a liquidator to take control of MTI’s assets and liabilities.

In the meantime, the law firm that represents one of the investors that approached the court, Luitingh, and Associates, says it is willing to assist other creditors and aggrieved investors to lodge claims against MTI.

The orders came as two MTI clients approached the court with an urgent application against the shady business. MTI is believed to be holding around R9.45 billion ($644 million) received from almost 28,000 investors spanning across the globe.

Empangeni investor Anton Lee and Pretoria investor Steven Watkins filed separate liquidation applications in the same court, with the former describing the firm as an insolvent “multi-level marketing business” and the latter as an “illegal pyramid scheme” in court papers.

Hawks spokesperson Colonel Katlego Mogale confirmed last week that the specialised unit was investigating a criminal case against the firm, which had attracted investors globally in SA, the UK, Australia, Namibia and Ireland.


Watkins said in court papers that he had invested R150 000 with MTI which had been incorporated “or utilising it as a vehicle by means of which to conduct a so called crypto-currency or Bitcoin trading platform which, I respectfully submit, is in truth (and despite the respondent’s assurances to the contrary) nothing but an illegal investment or “pyramid” scheme”.

Watkins said in court papers that the firm had indicated on its website that it had 90 000 members in 177 countries and that the numbers were “growing daily”. It said that more than 10 000 Bitcoin was traded daily.

“MTI offers reasonable daily profit from the trades. Trading and other bonuses are dependent on the daily trade results. The company does not rely on the growth in member numbers to remain sustainable as members receive trading bonuses from the daily trades and not from new members,” the site had read.

“It is respectfully submitted that the respondent deems it necessary to assure potential investors that it allegedly does not rely ‘on the growth in member numbers to remain sustainable, as this indicates that the respondent (and Mr Steynberg) are acutely aware that such a reliance (on growth in members’ numbers to remain sustainable) is a telling indication of an illegal investment or ‘pyramid scheme’,” he said.

However, he said this insurance “rings hollow” because elsewhere on the website, the firm explained its “optional referral programme for networkers” which qualified members for “referral, binary and leadership bonuses” for recruiting people into teams.

“The ‘binary bonus’ referral system is clear (sic) designed and intended to enable earlier investors in the respondent to be paid their ‘binary bonuses’ out of subsequent investments made by persons whom they have referred to the respondent,” Watkins said. He said existing members also received an additional 10% “of all deposits made by the specific individual’ referred to the scheme.

Judge Owen Rodgers granted the applicants an order for provisional liquidation of MTI. The matter was adjourned to March 1 2020.

Similar topic:

MTI Liquidation Application – Manci & Knoop Financial Services

Luitingh and Associates are campaigning for the appointment of Mr Kurt Robert Knoop from Manci & Knoop Financial Services as the liquidator.


Mirror Trading Liquidation Application – Investrust

Vezi & De Beer Inc are campaigning for the appointment of Mr AW van Rooyen from Investrust as the liquidator.


Aggrieved investors can download the liquidation form from mtiliquidation dedicated to victims of the MTI scam.

If you have been scammed, have had any experience with MTI or have tried mtiliquidation, please comment below.

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