Another unnamed investor proposes to bail out the collapsed South African crypto company – Regulate Bitcoin News


An unnamed new investor offered to rescue the collapsed South African crypto investment company Africrypt with US$5 million. The proposal does not need to withdraw the criminal charges against the directors of Africrypt and must be accepted within 7 days.

Better offer

According to a report, a new mysterious investor proposed to rescue Africrypt, a failed crypto investment institution, with US$5 million. However, investors have 7 days to accept the offer made on December 3, 2021.

As before Report According to news, another unknown investor initially bid $5 million in exchange for a 51% stake in Africrypt. As part of the conditions of this offer, the investor hopes to withdraw all criminal proceedings against the missing directors of Africrypt, Raees and Amir Cajee.

Different from the first rescue proposal, the latest rescue proposal—according to report By Moneyweb — does not force creditors to agree to the conditions put forward by the first batch of investors. Nevertheless, this new proposal forces investors to accept only a small part of their initial investment.

This situation means that Afrcrypt investors will not benefit from the increase in the value of crypto assets acquired by the company in September 2019. As explained in the report, investors can only get the value of digital assets they owe by spending ten times lower than the current value.

Although the identities of the two new mysterious investors are still unknown, the report cited Ruann Kruger, the legal representative of the Africrypt liquidator, confirming that the second investor was actually a company. The lawyer also confirmed that of the 181 investors, about 35 had accepted the offer.

The allegations against the Kagi brothers

The report pointed out that some Africrypt investors believed that the latest offer was made by the Cajee brothers, and quoted an unnamed investor representative who said:

Of course some people suspect that this proposal came through Cajees’ agents, and our remuneration is [our] Own money. Either way, no matter who the investor is, this is a smart strategy.This is a divergence [and] Rules tactics.

At the same time, a letter sent by the liquidator to Africrypt investors appeared to confirm the allegations behind the Cajee brothers’ first offer. In the letter, the liquidator stated that the first mysterious investor had stopped communicating with them after proposing to modify certain terms of the initial offer.

Regarding the latest rescue proposal, the liquidator stated that it is “a good, firm, and not too complicated proposal, which will be open for acceptance within the next 7 days.” According to the report, within five days of signing, the offer was accepted. Investors will receive 65% of every rand (or 65% of invested capital) of any confirmed claims.

Do you think the latest offer from Africrypt investors is better than the first one? Tell us what you think in the comments section below.

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