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PICS: AFU attaches helicopter, planes and assets worth R106m of Coinit
By IOL Reporter
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Durban - The Assets Forfeiture Unit swooped on the assets of Coinit Trading that allegedly fleeced thousands of investors across the country of millions of rands.
Armed with an order from the Pietermaritzburg High Court investigators forfeited a five aircraft that included a helicopter and other property belonging to Coinit and and other liquidated business entities worth R106m.
All the forfeited property includes 11 pieces of land in Dundee, five aircrafts and a motor vehicle.
Natasha Kara, Regional spokesperson for the Directorate of Public Prosecutions in KZN said the matter against Coinit was in connection with the contravention of the Financial Advisory and Intermediary Act 37 of 2002 and the Banks Act 94 of 1990.