High Court judge grants final Coin-It liquidation order
A liquidator has been appointed to write up all the assets associated with Coin-It
The liquidation of the controversial Coin-It investment scheme was finalised in the Pietermaritzburg High Court last week.
Coin-It offered clients an investment opportunity in which they were required to pay a once-off deposit for a brand new truck, and promised they would be paid monthly profits for the use of the truck on a mine.
Rowena James is one of thousands of Coin-It investors who now believe that the company was operating as an illegal Ponzi Scheme and is leading the fight for justice for those who have lost their money and, in many cases, even their will to live following the financial devastation they have endured.
Last Thursday, the final liquidation order against Coin-It was granted in the High Court, and Marcel Edwin Nel was appointed as liquidator. Members of the public were not allowed to attend the court proceedings due to Covid-19 lockdown regulations.
In a previous court appearance, Advocate Alan Boulle, who represented Coin-It investors in court, argued that Coin-It is commercially insolvent and that the business is unlawful, as it was acting as a financial adviser without the required licence to do so.
The De Beer’s legal team was contacted for comment, but none was received at the time of going to print.
See this week’s Courier for the complete story
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Judge grants Coin-It liquidation order
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