DUNDEE KZN: Forfeiture order successful against Coin-It

In another blow to the controversial Dundee-based investment scheme, Coin-It, The Asset Forfeiture Unit (AFU)  today obtained a forfeiture order from the High Court of South Africa: KwaZulu-Natal Division, Pietermaritzburg in relation to several immovable properties and vehicles worth R106m.

This follows the preservation order to freeze the assets granted in November 2020 by the same Court.

 

The assets belong to Coin-It Trading (Pty) Ltd and other liquidated business entities. The matter is in connection with the contravention of the Financial Advisory and Intermediary Act 37 of 2002 and the Banks Act 94 of 1990.

In a statement to the Courier, Natasha Kara, spokesperson for the Directorate of Public Prosecutions in KZN, said

Coin-It had placed advertisements on its website and in different newspapers calling for people to invest with them. As a result of the advertisements, a number of people deposited funds into Coin-Its bank accounts.

“In terms of the Financial Advisory and Intermediary Act and the Banks Act, Coin-It was not authorised to accept deposits from the investors.

 

 

“In the investment agreements with investors and as per the advertisement, Coin-It said the money would be used by the company and its directors to purchase rigid trucks, older horses, newer horses, TLB’s, front end loaders and dumpers – plant materials. However, the funds were used to purchase immovable properties, cars, aircraft and shares in other companies,” Ms Kara said.

 

The forfeited property includes 11 pieces of land in Dundee, including the historic Royal Country Inn, five aircrafts and a motor vehicle. The forfeited assets will be handed into the custody and control of the liquidators of Coin-It and the other liquidated entities, once the forfeiture order takes effect.

 

 

 

 

 

 

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