Four years after Mirror Trading International collapsed, South African authorities have confirmed an ongoing criminal investigation.

The Financial Sector Conduct Authority declared MTI an “
illegal operation
” in December 2020. Since then however there have been no substantial updates.

As
reported by My Broadband’s Jan Vermeulen
on May 21st;

The National Prosecuting Authority (NPA) says it is investigating co-conspirators and associates of the late Johann Steynberg, Mirror Trading International’s former CEO.

Steynberg is reported to have
died in Brazil
last month.

NPA media relations director Isaac Dludlu told MyBroadband that they haven’t brought charges against anyone yet.

However, the matter is under investigation, and they are looking into several possible charges.

These include fraud or theft, forgery, contraventions of the Prevention of Organized Crime Act, and contraventions of the Financial Advisory and Intermediary Services Act.

In lieu of authorities bringing charges in relation to South Africa’s largest ever Ponzi scheme, civil proceedings involving liquidators have
racked up millions in legal fees
.

Progress has been made by the liquidators but, to the detriment of Mirror Trading International’s victims, developments have been
excruciatingly slow
.

To date Clynton Marks and Cheri Ward (right), MTI’s suspected owners and primary beneficiaries, remain at large in South Africa.

Hopefully the NPA doesn’t take another four years to bring charges against Marks, Ward and their accomplices.

🤖 Quick Answer

What is the current status of the MTI criminal investigation in South Africa?
The National Prosecuting Authority is actively investigating co-conspirators and associates of deceased MTI founder Johann Steynberg. No charges have been filed yet, though authorities are examining multiple possible charges related to the illegal operation declared by the Financial Sector Conduct Authority in 2020.

When did Mirror Trading International collapse and what was its legal status?
Mirror Trading International collapsed four years ago. The Financial Sector Conduct Authority officially declared MTI an illegal operation in December 2020, marking a significant regulatory action against the cryptocurrency trading platform.

What recent developments occurred regarding MTI's former CEO?
Johann Steynberg, Mirror Trading International's former chief executive officer, reportedly died in Brazil last month. His death occurred during the ongoing criminal investigation by South African authorities into the company's operations and associated individuals.

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