FANews
FANews
RELATED CATEGORIES

The FSCA completes investigation into Mirror Trading International (Pty) Ltd

19 January 2021 Financial Sector Conduct Authority (FSCA)

The FSCA has finalised its investigation into Mirror Trading International (Pty) Ltd (MTI) and will share its report with the liquidators appointed by the Master of the High Court.

The appointed liquidators are Mr. AW van Rooyen (Investrust Insolvency Practitioners), Mr. H Bester (Tygerberg Trustees), Mrs. J Barnard and Mrs. D Basson (Tshwane Trust Co). Anyone who intends to lodge a claim with the liquidators, or who has information that can be of assistance, may contact the liquidators through their websites. The websites will also be utilised to communicate information to the public. The websites are: www.Tygerbergtrustees.co.za and www.Investrust.co.za. Claim forms will be available on the website within the next few days.

The FSCA understands that the liquidators are of the view that the funds or assets received by certain members of the public pursuant to investing with MTI, may be unlawful. The liquidators intend to recover such funds and assets from these investors – a course of action that the FSCA supports. Affected investors are requested to contact the liquidators in this regard.

Although the main FSCA investigation has been completed, the Authority has opened a criminal case with the Commercial Crime Unit and will assist the NPA with its responsibilities. It will also assist the liquidators in their extensive task of completing the liquidation and subsequent distributions. The Authority is also working with foreign regulators to ensure that MTI’s unlawful activities are not perpetuated in other jurisdictions.

The FSCA will now consider administrative actions to be taken against the individuals and entities involved in the matter.

Quick Polls

QUESTION

The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?

ANSWER

Yes
No
Not sure
fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now