The Asset Forfeiture Unit (AFU) in KwaZulu-Natal has obtained preservation orders to the value of about R48.9 million from the Pietermaritzburg High Court relating to more assets belonging to Coinit Trading (Pty) Ltd (Coinit). National Prosecuting Authority spokesperson Natasha Kara said that the matter followed the alleged contravention of the Financial Advisory and Intermediary Act 37 of 2002 and the Banks Act 94 of 1990.
“The AFU was previously granted a preservation order worth R106 million for several of Coinit’s immovable properties and vehicles. The forfeited property included 11 pieces of land in Dundee, five aircrafts and a motor vehicle,” Kara said.
To get people to invest with them, Coinit Trading placed advertisements on its website and in different newspapers. As a result of the advertisements, a number of people deposited funds into Coinit’s bank accounts.
However, Kara said that in terms of the Financial Advisory and Intermediary Act and the Banks Act, Coinit was not authorised to accept deposits from the investors.
“In the investment agreements with investors and as per the advertisement, Coinit advised that the money would be used by the company and its directors to purchase rigid trucks, older truck-horses, newer truck-horses, TLB’s, and other building plant materials. However, the funds were used to purchase immovable properties, cars, aircrafts and shares in other companies,” Kara said.
The current preservation orders, granted in July 2021 and August 2021 respectively, relate to Coinit purchasing other assets such as a mining shaft, namely Joint shaft and, Wesselton Plant situated in Kimberly (total value of R36 million), a Cessina 175 Skyland aircraft valued at R550 000 and shares in Sikhova Environmental Building Solutions for R12 million. They also purchased immovable property in Danhauser valued at R310 000.
“The preservation orders prohibit any person with knowledge of its existence from dealing in any manner with the properties. Furthermore, it places the properties under the effect control of a curator bonis pending finalisation of the forfeiture applications,” Kara said.
“This matter is indicative of the synchronised collaboration between the various units, in this instance, the Asset Forfeiture Unit and the Specialised Commercial Crimes Unit within the NPA, successfully working together, as part of the NPA’s six-month priority plan,” Kara added.
from The South African https://ift.tt/3tyksvg
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