Another Unnamed Investor Offers to Bail Out Collapsed South Africa Crypto Firm – Regulation Bitcoin News


A new unnamed investor has offered to save Africrypt, the collapsed crypto investment company based in South Africa, with $ 5 million. The offer, which does not require criminal charges against Africrypt directors to be dropped, must be accepted within seven days.

Best Offer

A new mysterious investor has offered to save the collapsed crypto investment suit, Africrypt, with $ 5 million, a report said. However, investors were given seven days to accept an offer made on December 3, 2021.

As previously reported by News, another unknown investor initially offered $ 5 million for 51% of Africrypt’s shares. As part of the conditions for this offer, the investor wanted all criminal proceedings against the missing directors of Africrypt, Raees and Amir Cajee to be removed.

Unlike the first rescue offer, the last – according to a report of Moneyweb – does not oblige creditors to agree to the condition that was proposed by the first investors. However, this recent offer forces investors to accept only a fraction of the money they initially invested.

This condition means that Afrcrypt investors would not benefit from the increase in value of crypto assets that were acquired by the company in September 2019. As explained in the report, investors would only be entitled to a payment that is ten times less than the current one. . value of the digital assets to which they are owed.

Although the identities of the two new mysterious investors are still unknown, Ruann Kruger, legal representative of Africrypt’s liquidators, is quoted in the report as confirming that the second investor is in fact a company. The lawyer also confirmed that out of the 181 investors, about 35 accepted the offer.

Charges Against the Cajee Brothers

The report states that some Africrypt investors believe the latest offer is being made by the Cajee brothers, citing one unnamed investor representative who said:

There are, of course, suspicions that this offer comes through a proxy for the Cajees, and that we are being paid by [our] own money. Anyway, this is a wise tactic of whoever the investor is. There is a separation [and] rule tactics.

Meanwhile, allegations that the Cajee brothers are also behind the first bid appear to be confirmed by a letter sent to Africrypt investors by the liquidators. In the letter, the liquidators suggested that the first mysterious investor stopped communicating with them after they offered to change some conditions of the initial offer.

As for the latest bailout proposal, the liquidators said this is a “good, firm and less complicated offer that is open for acceptance over the next seven days.” According to the report, investors who accept the offer will receive 65% for each rand (or 65% of the invested funds) for any proven claim within five days of signing.

Do you think the latest offer to Africrypt investors is better than the first? Tell us what you think in the comments section below.

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