Ciaran Ryan
5 minute read
29 Oct 2020
7:48 am

MTI planning countersuit following FSCA raids

Ciaran Ryan

The company believes move is a ‘fishing expedition’ by the regulator.

File picture.

Mirror Trading International (MTI) says it is preparing a countersuit after a raid at several locations on Monday by the Financial Sector Conduct Authority (FSCA). The FSCA arrived with search and seizure warrants at MTI’s offices in Stellenbosch and Polokwane, as well as the Durban homes of two MTI executives. The warrants were issued in terms of the Financial Sector Regulation Act. Responding to the raids, MTI’s marketing head Cheri Marks says the company’s lawyers are preparing to approach the courts to have the warrants set aside, and to claim damages from the FSCA. ‘Personal vendetta’ She claims FSCA divisional executive...