AFU in KZN obtains preservation order for assets belonging to Coinit Trading

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The Asset Forfeiture Unit (AFU) in KwaZulu-Natal has obtained preservation orders to the value of around R48,9 million from the Pietermaritzburg High Court relating to more assets belonging to Coinit Trading.

The AFU was previously granted a preservation order worth R106 million for several of Coinit’s immovable properties and vehicles.

The forfeited property includes 11 pieces of land in Dundee, five aircraft and a motor vehicle. The National Prosecuting Authority (NPA) says Coinit placed advertisements on its website and in different newspapers encouraging people to buy shares by depositing funds into its bank accounts.

“The current preservation orders, granted in July 2021 and August 2021 respectively, relate to Coinit purchasing other assets total value of R48,9 million. This matter is indicative of the synchronised collaboration between the various units (in this instance, the Asset Forfeiture Unit and the Specialised Commercial Crimes Unit) within the NPA successfully working together, as part of the NPA’s six-month priority plan,” the NPA’s Natasha Kara explains.