Africrypt -

South African Investor to Buy Majority Stake in Collapsed Africrypt Firm

Unknown investor offered to buy a 51% stake at Africrypt, the defunct cryptocurrency investment company. The purchase price was approximately R75 million. The investor is asking for an end to all criminal proceedings against Africrypt directors in return for the offer.

75% of the Creditors Must Approve Africrypt Sale

A report from Moneyweb shows that Africrypt creditors will vote on the compromise offer November 12, 2021. This offer cannot be made a court order unless 75% of creditors support it.

Africrypt was hacked by Raees and Amir Cajee (young directors), which was reported by Crypto Squared. The Cajees, who claimed that Africrypt had been the victim of hacking, disappeared with the investor funds. Africrypt investors began legal proceedings against the directors.

The investor will instead pay $4 million (R61.6million) to settle the creditors’ claims against Africrypt as part of the settlement offer. The firm would use the $1 million remaining to increase its working capital.

The unnamed investor proposed that Africrypt be saved and that the directors not be prosecuted. He also suggested the hiring of Cajee brothers, as well as Eugene Januarie as liquidator to the Africrypt board.

Cajee Brothers Will Avoid Criminal Prosecution if Offer is Accepted

Although some creditors seem to be supportive of the deal, others aren’t happy that the deal allows the Cajee brothers to walk away unscathed. The report cites one creditor, who was not named but is opposed to the deal. According to the creditor:

The Cajees have a “get out of jail card”. If a business had any credibility, or a chance of success, who would invest in it?

Another creditor said that the offer was likely to be accepted because creditors are unlikely to get anything else. The report also quotes Darren Hanekom as an attorney who supports the deal.

“This compromise proposal certainly comes at an appropriate time, considering current bitcoin and ethereum prices. Hanekom stated that we trust the general body creditors will make the right choice when the proposal goes to a vote.”

Who are the Cajee Brothers?

Ameer is a South African Entrepreneur. He is also an investor, cryptocurrency expert and co-founder of Africrypt. His implementation of Cryptocurrency Bank in Africa is his most prominent accomplishment.

Ameer Cajee was an early miner. He began mining Bitcoin in 2010 with his brother. He and his brother continued to mine Bitcoin until 2013, when he started trading Cryptocurrencies via the upcoming exchanges.

Algorithmic Trading was another area he was involved in by 2016. Africrypt is a cryptocurrency bank, exchange, and trading platform that uses algorithmic trading.

Ameer was intrigued by Cryptocurrency, and how it could change the world. Together with their brother, they set out to make Africa a better place.

Ameer and his brother started writing Algorithms to trade Cryptocurrency. Eventually, they had an AI trading system.

His company Africrypt was recognized worldwide for its revolutionary work in Africa. It introduced Cryptocurrency to everyday life on a mass scale to overcome the divisions created by the banking system.

Africrypt started offering Cryptocurrency Banking Solutions, Investment Solutions, Exchange Solutions / Services, and Blockchain Development services.