Mystery Africrypt investor wants Cajee charges dropped

A group of Africrypt investors, who lost millions following an alleged hack of the crypto platform earlier this year, say they will only accept an offer from a mystery investor to inject $5 million (R76 million) in the firm if the investor agrees to certain conditions.

This, despite investors with the majority of claims against the platform having voted unconditionally in favour of the offer, following a six-hour virtual meeting on Friday.

The mystery investor, who has not revealed identification details, has offered to put in the money for a 51% stake in the company and in so doing, take it out of liquidation, on condition that criminal charges against the platform’s founders Raees and Ameer Cajee are dropped.

The brothers have been in hiding since informing investors in April that the platform had been hacked.

The liquidators’ attorney, Ruann Kruger, confirmed in an e-mailed letter to creditors today that those investors representing 69% of the total ascertainable claims at the time voted in favour of the offer unconditionally.

However, creditors who made up 21% of claims voted in favour of the compromise subject to the implementation of additional terms and conditions that were put to the provisional liquidators during the meeting. The remaining 10% of the creditors rejected the offer.

To enable the provisional liquidators to properly verify each claim, creditors have been asked to provide full details and proof of each claim by Friday.

Attorney Darren Hanekom, who is representing a number of creditors, says the additional terms and conditions include that the settlement is no longer conditional on the investors withdrawing their criminal cases.

Hanekom says further protection mechanisms were also put in place regarding the mystery investor’s contractual obligations to the business.

“We await confirmation as to whether the amendment version has been accepted; thereafter, it will need to be made an order of court.”

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