A law firm representing a bogus investment company accused of swindling millions of rands from retired Eastern Cape government employees has terminated its services with the company.
The Daily Dispatch understands that Tonise Attorneys, which represented Ntinga Health and Financial Services CC trading as AQNO Trading and Investment Scheme, has cut ties amid claims that Ntinga was selling off its assets while under investigation by the Asset Forfeiture Unit (AFU).
Ntinga is owned by Luthando Mazizi and Gcinisiko Mantshi.
Neither could be reached for comment yesterday but Buhle Tonise of Tonise Attorneys confirmed that a contract between her firm and Ntinga had been terminated. She declined to reveal the reasons.
“Clients have the right to terminate the mandate with an attorney any time he/she may deem fit.
“An attorney also has the right to decide to stop representing the client and terminate the mandate.
“Due to attorney and client privilege, we cannot disclose the reason for termination,” said Tonise.
Ntinga allegedly had the following among its list of assets:
lA car hire business with more than 60 vehicles;
lA plant hire business worth more than R10-million;
lProperties across the country; and
lPersonal vehicles worth millions of rands.
A number of people, mainly teachers from across the Eastern Cape, had ploughed their lifesavings into Ntinga Investments.
Many investors lost between R100000 and R500000 each.
Investors, many of whom were recruited by Mantshi, were allegedly expecting to receive a 96% return a year for every R100000 invested.
Mantshi is a former teacher in the Cofimvaba district.
Last year a Financial Services Board (FSB) investigation revealed that the investment was a Ponzi scheme as the money invested by new members was used to pay other members. FSB later withdrew Ntinga’s licence and referred the case to police for further investigation.
The financial regulator alleged Ntinga was operating a fraudulent Ponzi scheme in which operators paid returns to investors from capital received from new investors, rather than profits earned.
Last year Tonise told the Dispatch that there was no outcome of the investigations and she said it was believed the investments were being held in a secure account.
She yesterday said she was not up to date with what was happening in terms of paying back money to those who had lost it.
“We can also not guarantee that what we had put in place to ensure speedy payments to investors will still go on as planned,” she said.
Legal firm cuts ties with bogus investment crew
The Daily Dispatch understands that Tonise Attorneys, which represented Ntinga Health and Financial Services CC trading as AQNO Trading and Investment Scheme, has cut ties amid claims that Ntinga was selling off its assets while under investigation by the Asset Forfeiture Unit (AFU).
Ntinga is owned by Luthando Mazizi and Gcinisiko Mantshi.
Neither could be reached for comment yesterday but Buhle Tonise of Tonise Attorneys confirmed that a contract between her firm and Ntinga had been terminated. She declined to reveal the reasons.
“Clients have the right to terminate the mandate with an attorney any time he/she may deem fit.
“An attorney also has the right to decide to stop representing the client and terminate the mandate.
“Due to attorney and client privilege, we cannot disclose the reason for termination,” said Tonise.
Ntinga allegedly had the following among its list of assets:
lA car hire business with more than 60 vehicles;
lA plant hire business worth more than R10-million;
lProperties across the country; and
lPersonal vehicles worth millions of rands.
A number of people, mainly teachers from across the Eastern Cape, had ploughed their lifesavings into Ntinga Investments.
Many investors lost between R100000 and R500000 each.
Investors, many of whom were recruited by Mantshi, were allegedly expecting to receive a 96% return a year for every R100000 invested.
Mantshi is a former teacher in the Cofimvaba district.
Last year a Financial Services Board (FSB) investigation revealed that the investment was a Ponzi scheme as the money invested by new members was used to pay other members. FSB later withdrew Ntinga’s licence and referred the case to police for further investigation.
The financial regulator alleged Ntinga was operating a fraudulent Ponzi scheme in which operators paid returns to investors from capital received from new investors, rather than profits earned.
Last year Tonise told the Dispatch that there was no outcome of the investigations and she said it was believed the investments were being held in a secure account.
She yesterday said she was not up to date with what was happening in terms of paying back money to those who had lost it.
“We can also not guarantee that what we had put in place to ensure speedy payments to investors will still go on as planned,” she said.
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