A mysterious investor has come forward with a proposal of US$ 5 Million against which he wants to acquire majority rights in an already defunct South African crypto firm “Africrypt”, which belongs to the Cajee Brothers and has been alleged of committing an investment fraud. In return, the investor has been demanding dropping of all charges, including criminal ones, against the Cajee Brothers.
As per the local South African press, the creditors of Africrypt, a defunct crypto firm, are seeking proposals from the investors. By the time of writing this press release, there has been only one offer which has been under consideration by the creditors of Africrypt.
Today, is the day when the creditors will have to apprise the Court whether the offer received majority votes or not. As per the Court directions, for the acceptance of the offer, the offer must receive at least 75% votes.
Anything less than that will not be acceptable as reasonable offer by the Court and therefore compromise decree will not be passed. Africrypto is officially defunct for the time being. It was established as a crypto trading and investment firm by two South African brothers namely Amir and Raees Cajee i.e. the Cajee Brothers.
According to the Cajee Brothers the firm met with a hack attack and unfortunately lost majority of its assets to hackers. But the creditors and customers of Africrypt alleged that the two brothers had committed investment fraud.
As a matter of fact, the Cajee Brothers, who were the directors in the defunct firm, ran off and are still hiding. They informed Africrypt’s creditors and customers that they had been receiving life threats which led them to go into hiding.
However, the creditors as well as the customers filed a case before the Court against Africrypt and its two directors. They claimed that the Cajee Brothers took their money and ran off and committed financial crimes of fraud and investment.
During the course of trial proceedings, there came a stage where the creditors realized that the Court proceedings would not bring back the money. Resultantly, they were seeking someone to take over the company and clear the liabilities of the defunct company.
At presently there is an offer by an unknown investor. The investor has given a proposal in which he is offering US$ 5 Million. Out of this US$ 5 Million, US$ 4 Million will be distributed amongst Africrypt’s creditors.
On the other hand, the remaining amount of US$ 1 Million will be utilized by the firm for resuming its operations. In order to accept or reject the investor’s offer, the creditors would have to vote on the offer by 12th November, 2021.
The offer must receive at least 75% votes for it to be recorded as the compromise decree by the Court. The investor has in return demanded that all criminal charges against the Cajee Brothers will have to be dropped immediately.