Investors in Collapsed South African Crypto Platform Reimbursed a Portion of Invested Funds – Regulation Bitcoin News

Investors in Collapsed South African Crypto Platform Reimbursed a Portion of Invested Funds – Regulation Bitcoin News


Investors in Africrypt, the now-defunct South African crypto platform, were recently reimbursed a portion of their invested funds. The payments were made by Pennython Project Management LLC as part of a settlement offer that potentially ends claims against Africrypt’s runaway directors.

White Knight Investor Identity Revealed

Investors in Africrypt, a collapsed South African cryptocurrency investment platform, recently began receiving payouts from a so-called white knight investor, a report has said.

According to an Itweb report, which named Pennython Project Management LLC as the previously unnamed party, Africrypt investors began receiving the payouts after a majority opted to accept the tabled offer. As previously reported by News, Pennython Project Management had proposed to pay an equivalent of 65% of each dollar invested.

Although some investors were reportedly not happy with the offer, Ruann Kruger, an attorney representing Africrypt provisional liquidators, is quoted in the Itweb report confirming that most had accepted the proposal. In fact, according to the report, claims with an equivalent value of $8.4 million or (R131 million) had been paid out to 199 creditors by December 17.

The report also revealed that the decision by a majority of investors to accept Pennython Project Management’s offer might result in the dismissal of a court application to have Africrypt liquidated. The next court hearing for this application has been set for January 22, 2022.

Pennython Project Management’s Unnamed Directors

While the identity of the investor behind the settlement offer has now been revealed, the report states that the names of the Pennython Project Management directors have not been disclosed. The report suggested that an agreement to not reveal their identities had been reached. This has led to claims that Africrypt’s two young directors, Raees and Ameer Cajee, are in fact behind the Dubai-registered Pennython Project Management.

After reporting that their platform had been hacked, Raees and Ameer Cajee fled South Africa claiming their lives were in danger. At the time, reports initially suggested the brothers had vanished with approximately $3.6 billion in investor funds. The Cajees — whose is whereabouts are still unknown — have insisted that the actual figure of missing funds is much lower than that.

The payouts to investors, which were supposed to have been concluded by December 22, are said to effectively end all claims against the Cajee brothers, and as one attorney suggested, it provides them with “an opportunity to resuscitate the business.”

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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