WATCH | Disgruntled Coin-it investors demand liquidators to release their funds

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Hundreds of Coin-it “investors” blocked the entrance of Town Bush Office Park on McCarthy Road as they demand the liquidators release their funds.

The crowd held a picket outside the office park to hand over their memorandum to Berrange Incorporation.

The group said since their investment company was liquidated, they are unable to survive as all their funds are blocked.

“We want our money. They must release the documents so that Coin-it can pay us our money. Since 2019, until today, we have no income and many of us invested close to a million rand and it’s unfair that we can’t even get our investment return,” said one of the angry protesters.

The Dundee based “investment company”, Coin-it, was placed under provisional liquidation by the Pietermaritzburg high court in February last year.

This comes after the application was brought by a number of people who accused the company of being a Ponzi scheme.

There are two grounds relied upon for the provisional liquidation; that Coin-it is insolvent and that the business is unlawful.

The company accepted money from individuals to buy a vehicle such as a front loader, bus or truck.

This payment was in the form of a “deposit” and then a monthly installment had to be paid to the company.

The investor did not see or take possession of the vehicle allegedly purchased.

Coin-it then allegedly leased out the vehicle. It was supposed to pay the investor monthly rental (for the vehicle purchased) or a portion of the money which it received.

The company’s main activity was to provide directly or indirectly all kinds of construction and plant hire services.

Investors became suspicious when they stopped receiving money from Coin-it.

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