In the latest twist in the Mirror Trading International liquidation saga, Clynton Marks, co-owner of bitcoin company Ponzi, has opposed attempts to have a court issue a final liquidation order. Marks, who reportedly owned 50% of MTI, argues that the liquidation request was “premature” and that the liquidators “may not have the best interests of the members at heart.”
The argument against liquidation
As explained in a Mybroadband report, Marks, who recently faced a team of MTI liquidators in a South African court, argues that the liquidation notification process was not carried out properly. Marks claims he and his wife, Cheri Marks (head of communications for MTI), were supposed to receive the notice.
In addition, the MTI co-founder claims that the recovery of 1,200 bitcoins owned by MTI from FX Choice overturns the liquidators’ insolvency argument. In their statement to Mybroadband, the Marks added:
MTI is a solvent company and any chance for members (however small) to get relief would not come from the liquidation process but rather from finding Johann (Steynberg) and rightly encouraging him to right the wrongs he would have committed. In addition to this, we believe that there are other more suitable options to possibly achieve relief for MTI members.
The statement also suggests that if this liquidation process were to continue, “the members would suffer serious harm.”
Meanwhile, the report says his sources on the liquidators’ legal team are confident that a final liquidation order will be granted. The report also reveals that the court has reserved judgment for the time being in the case, which pits the Financial Sector Conduct Authority (FSCA) and court-appointed liquidators against parties opposing the dissolution of the company.
MTI, which was ranked as the biggest bitcoin scam of 2020 by a blockchain analytics company, collapsed after CEO Johann Steynberg disappeared with investor funds in December 2020. The collapse has by the sequel forced disgruntled investors to initiate liquidation proceedings against MTI and Steynberg.
Do you think liquidation is the best option for MTI investors? Let us know what you think in the comments section below.
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