Investors in the collapsed South African crypto platform have returned part of their investment

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2021-12-29 10:07:04

Investors in Africrypt, the now defunct South African cryptocurrency platform, were recently refunded a portion of their investment. Payments made by Pennython Task Management LLC as part of a settlement offer likely to end claims against Africrypt’s fugitive directors.

White Knight investor identity revealed

Investors in Africrypt, a South African crypto investment platform that collapsed, recently started receiving payments from an investor known as the white knight, a report says.

According to a report by Itweb, which names Pennython Challenge Management LLC as a previously unnamed party, Africrypt investors have started receiving payouts after a majority chose to accept the tabulated offer. As previously reported by News, the Pennython Project Management has proposed paying the equivalent of 65% of every dollar invested.

Although some investors are said to be unhappy with the offer, Ruann Kruger, an attorney representing Africrypt’s interim liquidators, is quoted in the Itweb report as confirming that most accepted the proposal. In fact, according to the report, damages equivalent to $8.4 million or (131 million Rupiah) were paid to 199 creditors on December 17.

The report also revealed that the decision of a majority of investors to accept the offer of the Pennython Venture Administration could lead to the rejection of the court’s petition for Africrypt to be liquidated. The next hearing for this application has been set for January 22, 2022.

The unnamed director of the Pennython Project Management Board

While the identity of the investor behind the settlement offer has now been revealed, the report states that the names of the directors of the Pennython Project Management Unit have yet to be released. The report suggests that a non-disclosure agreement has been reached. This has led to claims that two young directors of Africrypt, Raees and Ameer Cajee, are in fact the man behind the Dubai-registered Pennython Project Management.

After reporting that their platform had been hacked, Raees and Ameer Cajee fled South Africa, claiming their lives were in danger. At the time, initial reports suggested that the brothers were gone with about $3.6 billion in investment funds. Cajees – whose whereabouts are still unknown – emphasized that the actual number of missing funds is much lower.

The payments to investors, believed to have been closed on December 22, are supposed to effectively end all claims against the Cajee brothers and as one attorney has suggested , it provides them with an “opportunity to revive business”.

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