Liquidators of South Africa’s biggest pyramid scheme in history to pay victims back millions

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The liquidators handling the Mirror Trading International pyramid scheme have confirmed that they plan to start returning funds to victims as soon as they get a court ruling on how they need to handle claims.

Speaking to RSG Geldsake with Moneyweb on behalf of the liquidators this week, Tygerberg Trustees co-director Herman Bester said winding up MTI has been complex because there are few legal precedents to rely on.

One issue the liquidators approached the court for clarity on was handling the fact that deposits in Mirror Trading International (MTI) were made in bitcoin.

Among other things, they asked the court for guidance on how creditors must calculate the value of the bitcoin they deposited.

For example, must they use the rand value of the bitcoin at the time the deposit was made, or at the point the scheme imploded?

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