Africrypt investors began receiving the payouts after a majority opted to accept an offer that was made by Pennython Project Management. regulation
party, Africrypt investors began receiving the payouts after a majority opted to accept the tabled offer. As previously reported by Bitcoin.com 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 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.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.
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.”
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