DUNDEE KZN: Asset Forfeiture Unit swoops on Coin It
The AFU found that Coin It were in contravention of the Financial Advisory and Intermediary Act
The Asset Forfeiture Unit (AFU) in KwaZulu-Natal have attached several immovable properties and vehicles worth R106m belonging to Coinit Trading (Pty) Ltd (Coinit).
This follows a preservation order granted by the Pietermaritzburg High Court on November 18.
The AFU found that Coin It were in contravention of the Financial Advisory and Intermediary Act 37 of 2002 and the Banks Act 94 of 1990.
The property attached includes 11 pieces of land in Dundee, five aircrafts and a motor vehicle.
The items will be held under curatorship pending the outcome of a forfeiture application.
See next week’s edition of the Courier for more on this breaking news story.
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