Hello,I am writing to express my concern...

Asked by MTI Challenge on 10-05-2024 17:51:38
Question posted in the General Law category relating to Gauteng


I am writing to express my concerns regarding the recent claim received from the liquidator in my capacity as an investor with MTI. I seek clarification on my rights and obligations in this matter. My circumstances are as follows:

I initially invested 10,000  and subsequently made a withdrawal of 14,000 , resulting in a profit of 4,000  in terms of rand value. Following this withdrawal, I deposited an additional 34,000. Consequently, my total deposits exceed the total withdrawal. Based on my calculations, MTI owes me 20,000  in rand terms.

The claim I have received from the liquidator amounts to 14,000  which is now categorized as illegally obtained from MTI, and I am being requested to repay this amount at the current Bitcoin rate, which now exceeds 70,000.

It is my contention that I should not be liable to repay any amount to the liquidators as I have incurred a net loss. However, in the event that repayment is deemed necessary, I assert that it should be limited to the profit of 4,000  that I received from MTI. Additionally, I object to the repayment being calculated at the current Bitcoin value, as my reinvestment was made with personal capital, and I do not operate as a financial institution.

Furthermore, I am concerned about the provision of a settlement agreement, which appears to preclude me from claiming my initial investment if the settlement amount offered is less than the liquidator's claim. Given my status as a net loser, I fail to comprehend the rationale behind this restriction.

Regarding the repayment to investors, I am dismayed by the proposal to reimburse at the October 2020 Bitcoin value, while I am being asked to repay at the current rate. This inequity warrants attention.

I seek guidance on my available options as I intend to dispute the claim. It is worth noting that the court order pertains to MTI, not to me individually. Therefore, I want an impartial evaluation of this matter before I make any payment, as I aim to defend my position with objectivity and fairness.

To clarify, I have not yet received any summons, but I anticipate this as the next step once I contest the claim.

Thank you for your attention to this matter.

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