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How MTI has damaged SA’s reputation as Africa’s financial hub

MyBroadband’s Jan Vermeulen looks at the scheme’s collapse and how it managed to grow so spectacularly.

Ciaran Ryan and Jan Vermeulen of MyBroadband take a deep dive into the collapse of Mirror Trading International (MTI) and what it means for SA’s reputation as a regional financial centre, and how it managed to grow so spectacularly in its final months of operation.

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Re: scams and corruptions in South Africa : ANC government shows the way.
Re : MTI – when are we seeing the MTI guys in orange overalls . Steynberg was the fall guy. The Marks’s were the sheep herders.

Replace mti with the anc in the title

MTI was a textbook case of there being no free lunch and do not listen to noobs giving financial advice.
Having worked extensively in east and west Africa I can however tell you our financial services sector has a very long way to fall before it is relegated to the #2 spot.

Can’t disagree but I would suggest SA has equally a long way to go to catch Mauritius as an attractive financial hub. Whilst the SA banks are well capitalised and top class, there is still too much red tape in setting up or running a business in SA compared with the island.

The island which is now on the money laundering blacklist in the EU? In order to get off this list, the Red Tape is going to increase exponentially!!!

I am not saying the red tape locally is not an issue, it is a stumbling block to doing business, but it has progressed in the right direct, especially the CIPC website.

I would be very hesitant setting up anything in Mauritius. Increased taxes are in the mail!

DFur we still have a long way to fall compared to E and W Africa simply because they have been independent for longer and have perfected corruption eg drc and nigeria 60 years practice
Whoever thinks SA will IMPROVE is smoking their socks.

Don’t be ridiculous. The ANC stomped South Africa’s reputation in the mud patch over the last 25 years and it’s currently trawling the bottom of the Marianas trench. The milk is spilled. The ANC-led pillage, plunder and corruption has infused every aspect of society. Crime is endemic, has become a way of life and a constant companion. Are we surprised the private sector tries their hand at that which the ANC has mastered?

Off topic a bit, but it is now illegal to arrest a known criminal unless he enters private property.

There are more private security officers than SAPS and MPD officers combined. They are being hamstrung by our criminal friendly government.

MTI proved that South Africa is inhabited by sheep; sheep that are more than willing to give their financial fleece away to the first smooth talker who comes along.

I honestly don’t think it reflects that badly on the financial industry as a whole – scams like these pop up all over the world

You’d be amazed how many Financial scams worldwide (and especially longer-running Ponzis and more recently Crypto scams) are started/run by South Africans. It’s quite astounding in relation to the relatively small population

Haha. SA is far from a financial hub. How can it be? We cannot possibly be a financial hub with capital controls. We also have one of the lowest savings rates in the world due to excessive taxation. We are the eight highest taxed nation on earth. We are a rapidly deindustrializing nation with exploding unemployment.

Dear Mr J.Steynberg. Any idea when one can expect MTI’s accountants to be releasing your company’s first set of Audited Financial Statements???

SARS is waiting! I bet the (taxable) profit could be huge on an epic scale…

And he will do the Zuma move and 25yrs later he will be living happily on the proceeds

Hi there, I would like to get hold of Jan Vermeulen please.
I, like thousands of others, was scammed into the scheme and I would like to share additional information with Jan, based on some of the comments he made; re: serial Ponzi schemers and con-artist in MTI.

Sad when journalists mislead the public with opinions which then become fact……

Their are certain ‘leaders’ in this MTI scheme that I believe knew exactly what it was all about, but their ‘addiction’ has led them to selfishly and without remorse CON even their best friends into these schemes. It is like alcoholism.. and addition that leaves many innocent people destitute and the so-called leader has convinced himself that if my prey fall for this scheme .. not my fault.. they should have done their own homework.. We live in a sick world of dishonest greedy people

Damaged SA’s reputation as Africa’s financial hub?

Thousands of financial institutions go bust in the USA and EU every decade and you don’t see the close for business.

Ex-president Zuma as president was a 100 times more damaging.

End of comments.

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