• Mon. Apr 22nd, 2024

MTI’s Second Partner Opposes Liquidation of Crypto Startup’s Assets, Court Reserves Judgment



Jun 20, 2021

Out of the blue, MTI’s co-owner has come out and said that there is no need to liquidate MTI by raising arguments that the application for liquidation is “premature” while the liquidation will not be in the best interest of the members of MTI. The case is at the stage where the final liquidation order is expected soon.

Clynton Marks is the 50% shareholder of the notorious Mirror Trading International which is also known by the name MTI.

MTI was an alleged crypto trading startup that started its business in South Africa some years ago. However, it was revealed that the company was a fraud and carried out fraudulent activities of looting public money. It was alleged that MTI took the money from investors and then utilized the funds by depositing the funds into the accounts of the firm’s owners. This led initiation of an inquiry against MTI and the matter went up to the South African Court.

A few months ago, the Court, after reviewing the facts and evidence of the case, decided to liquidate the assets of the firm. By order of the Court, an official liquidator was then appointed who was to carry out the liquidation process. The proceeds from the liquidation were to be compensated to the claimants of MTI.

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However, Cheri Marks, who is the wife of MTI’s partner namely Clynton Mark contested the case on behalf of her husband. But in the South African Court, she had to face defeat when the Court passed liquidation orders. Now the case is at the stage where it is expected that the final liquidation order will be passed by the Court against MTI.

In order to stop the Court to pass a final order, Clynton and his wife have moved a fresh application before the Court. In this application, Marks has submitted that neither he nor his wife, Cheri, in the capacity of MTI’s Communications head, were served by the Court. He said that the process of issuing notices to the parties concerned was bypassed by the Court.

In addition, it was argued by Marks that even if the liquidator was appointed, he was appointed to the extent of MTI. Since FX Choice is a third party, therefore the liquidator has no authority to even touch the Bitcoins lying with FX. He claimed further that if any claimants were to be compensated then the funds should have been recovered from Stenberg, the absconding MTI’s partner. But apparently, liquidation isn’t the only option available with the Court, submitted Marks. He opined that this Court has ample powers to look for solutions other than the liquidation through which members can be satisfied.

After hearing the arguments, the Court has accordingly reserved the judgment which will be announced at another date in an open court. In the meanwhile, the prosecutors are certain that the end liquidation order is obvious.


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