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Investors in the collapsed South African crypto platform reimbursed part of the funds invested – regulation

Investors in Africrypt, the now defunct South African crypto platform, have recently been reimbursed part of their invested funds. The payments were made by Pennython Project Management LLC as part of a settlement offer that may end claims against the runaway directors of Africrypt.

White Knight investor identity revealed

Investors in Africrypt, a collapsed South African cryptocurrency investment platform, recently received payouts from a so-called White Knight investor, according to a report.

According to an Itweb reportwho named Pennython Project Management LLC as before unnamed Africrypt investors received the payouts after a majority decided to accept the submitted offer. As previously reported by News, Pennython Project Management had proposed paying an equivalent of 65% of every dollar invested.

Although some investors were reportedly dissatisfied with the offer, Ruann Kruger, an attorney representing Africrypt’s interim liquidators, is quoted in the Itweb report confirming that most had accepted the proposal. In fact, as of December 17, claims equivalent to US $ 8.4 million (R 131 million) had been paid to 199 creditors, according to the report.

The report also showed that the decision of a majority of investors to accept Pennython Project Management’s offer could result in the dismissal of a judicial motion to liquidate Africrypt. The next court hearing on this application is scheduled for January 22, 2022.

Nameless directors of Pennython Project Management

While the identity of the investor behind the settlement offer has now been revealed, the report states that the names of the directors of Pennython Project Management have not been disclosed. According to the report, it was agreed not to reveal their identity. This has led to claims that the two young Africrypt directors, Raees and Ameer Cajee, are actually behind the Dubai-registered Pennython Project Management.

After Raees and Ameer Cajee reported their platform was hacked, they fled South Africa, claiming their lives were in danger. At the time, reports initially indicated the brothers were gone with about $ 3.6 billion in investor money. The Cajees – whose whereabouts are still unknown – have insisted that the actual number of funds missing is much lower.

The investor disbursements, which should be completed by December 22nd, are intended to effectively end all claims against the Cajee brothers and, as a lawyer suggested, “give them an opportunity to revive the business.”

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Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide an escape route for Africans.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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