A better picture has emerged of what happened to the R1.4 billion ploughed by investors into forex trading company Imagina FX, which was placed in liquidation in October 2020 when the company put a freeze on withdrawals.
In May this year, court-appointed liquidator Christian Bester of JJS Administrators sent out a notice to investors, and it’s not good news.
Of the R1.42 billion deposited into Imagina FX, only roughly R280 million was used for trading. “From the approximately R280 million, only R8 million was returned to Imagina FX and it would appear there was a trading loss of approximately R272 million,” reads the notice.
As for the rest, R879 million was repaid or transferred back to investors. The balance was used to pay directors, consultants, operational expenses “and other related third parties such as Massyn’s family trusts”.
Imagina FX was controlled by Cape Town-based Craig Massyn, who was also the lead forex trader.
Complicating the picture is that the same team of “experienced traders” managing Imagina FX was also behind a number of other company funds under the names Praesidium and Octox.
Read: Imagina FX founder Craig Massyn defends sequestration attempt
Accountants@Law has been brought in to trace the complicated flow of funds between the companies and to see where the money went.
Many investors were paying funds into the FNB banking account of Octox, believing this was the banking account of Imagina FX. The Octox bank account was…
