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Unnamed South African Investor Proposes Shopping for 51% Stake in Collapsed Crypto Agency for $5 Million – Information Bitcoin Information

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An unknown investor has proposed to acquire a 51% stake in Africrypt – the collapsed cryptocurrency investment company – for a purchase price of $ 5 million. In return for the offer, however, the investor wants to suspend all criminal proceedings against the Africrypt directors.

Offer must be supported by 75% of the creditors

According to a report by Moneyweb, Africrypt’s creditors are due to vote on the compromise offer on November 12, 2021. However, this offer can only become an injunction if it is supported by 75% of the creditors.

As previously reported by Bitcoin.com News, Africrypt collapsed when the company’s two young directors, Raees and Amir Cajee, reported a breach of the company’s systems. Shortly after claiming that Africrypt was the victim of a hack, the Cajees disappeared along with investor money. This in turn prompted Africrypt investors to take legal action against the two directors.

However, as part of the compromise offer presented to the creditors, the investor pays $ 4 million (R61.6 million) which will be used to settle the creditors’ claims against Africrypt. The remaining $ 1 million would be used to increase the company’s working capital.

In addition to trying to save Africrypt and protect the two directors from possible criminal prosecution, the unnamed investor has also proposed hiring the Cajee brothers – as well as the appointment of liquidator Eugene Januarie – to the Africrypt board of directors.

Offer enables Cajee Brothers to avoid criminal prosecution

While some creditors are in favor of accepting the offer, the report suggests that some are not happy with a deal that will allow the Cajee brothers to get away unscathed. For example, the report cites an unnamed believer who is against the deal. The believer said:

For the cajees it is a “free ticket from prison”. Who would invest in a company like this as if it had any credibility or chance of success except someone very close to the Cajee family.

However, another creditor suggested that the offering is likely to get the support it needs, as this is the only scenario where creditors have a realistic chance of getting anything. Similarly, the report quotes Darren Hanekom, the attorney representing some of the creditors, and also expresses support for the transaction.

“This proposed compromise certainly comes at an opportune time given the current prices of Bitcoin and Ethereum. We trust that the whole of the faithful will make the right decision when the proposal is put to the vote, ”said Hanekom.

What do you think of the unknown investor’s offer to buy a stake in Africrypt? Let us know what you think in the comments section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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