The liquidation proceedings of the fraudulent investment scheme Banxso have ground to a halt following a legal challenge by a company implicated as a key player in the fraudulent syphoning of nearly R1 billion from South African investors.
The entity is Flamingo Clearing House, which recently brought an application to challenge the holding and decisions of the second creditors’ meeting.
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Harel Sekler is the owner of both Banxso and Flamingo.
Flamingo served as Banxso’s contracts-for-difference (CFD) liquidity provider and was…