What happened to Africrypt billions? Liquidators get green light to probe witnesses

  • The provisional liquidators of cryptocurrency investment company Africrypt have been granted leave to conduct a confidential commission of inquiry.
  • Africrypt collapsed in April after announcing it had been hacked. Its founders then disappeared. 
  • During the inquiry, a commissioner will be able to summons witnesses, will have to give evidence under oath.  

The provisional liquidators of Africrypt have been granted leave to conduct a closed-doors commission of inquiry into the cryptocurrency investment site.

Africrypt was placed into provisional liquidation in April after its announcing its systems had been “hacked”. Its founders, siblings Ameer and Raees Cajee, disappeared.

Before its collapse, its website boasted of using an “artificial intelligence-driven trading platform” to invest over $100 million.

The brothers, who may now be in Tanzania, have denied any wrongdoing. Estimates of losses to investors range form a few million to over R50 billion.

The order to set up the inquiry was granted in the North Gauteng High Court in Pretoria earlier in the week.

It allows provisional liquidators Eugene January and Welcome Norman Jacobs to conduct a commission of inquiry into the affairs of the crypto company. The commission will enable them to probe witnesses under oath about what happened to the site’s investments.

Magistrate Petro Engelbrecht has been appointed commissioner with the power to issue summons.

The evidence form the inquiry will be confidential, but may come to light when a final liquidation application is heard.

Article  by: News 24