Investors in Collapsed South African Platform Get Reimbursed

South African crypto trading platform Africrypt became defunct and its investors recently received a portion of their invested funds. Pennython Project Management LLC reimbursed the funds as part of a settlement offer, which can potentially end the claims made against the runaway directors of Africrypt. A report stated that investors of the now-defunct platform were getting their payouts from a white knight investor, as they are being called. The party had previously remained unnamed, but Pennython was later identified as the investor. The majority of the platform’s investors had chosen to accept the offer put forward to them.

It had been previously reported that Pennython Project Management LLC had proposed to pay investors around 65% of every dollar they had invested. Even though the offer had not pleased some of the investors, an attorney who represented the provisional liquidators for Africrypt, Ruann Kueger said that a majority of the investors had decided to accept the said offer. As a matter of fact, the report claimed that by December 17th, 199 creditors had already been paid a sum of $8.4 million, which is around R131 million. It was further disclosed in the report that the decision taken by a majority of the investors to accept the offer put forward by Pennython Project Management could lead to a dismissal of an application from the court to liquidate Africrypt. 

The next court hearing for dealing with this matter has been scheduled for January 22nd in the coming year. Even though they have now revealed the identity of the investor who made the settlement offer, the report did say that they had not disclosed the names of the directors of Pennython Project Management. According to the report, they had made an agreement to not disclose the name of the directors in question. This has led to speculation that Ameer and Raees Cajee, the two young directors of Africrypt, could actually be behind Pennython Project Management, which is based in Dubai. 

The two brothers had previously reported that their platform had been hacked and then fled South Africa, after claiming that their lives were at risk. Reports at that time had initially suggested that the brothers had taken off with investor funds valued at a whopping $3.6 billion. The whereabouts of the Cajee brothers are still unknown and they have insisted that the value of the funds that are missing is lower than this figure. The payouts that were given to the investors were supposed to have been made by December 22nd

With these payouts, all claims that have been made against the Cajee brothers will effectively end. According to an attorney, this provides the two brothers with the opportunity of resuscitating their business. There has been a lot of speculation about the location of the two brothers, but no one has been able to identify where they might be. They continue to claim innocence and say that the crypto platform had been hacked and their lives had been threatened. Regardless, it appears that investors will be able to get some of their funds back.