Bitcoin debt dispute drags Libertas GH director into fresh controversy

According to The Citizen, a dispute over the equivalent of one bitcoin valued at about R1.85 million has pulled Libertas GH director Ahmad Yasin Hossenbocus into a new controversy involving alleged fraud, a claimed fake hijacking and competing claims over a BMW X3 used as security.

How the dispute began

According to The Citizen, the matter began when a complainant advanced the cash equivalent of one bitcoin to Libertas after a request by its co‑director Zaid Hakimjee. The complainant says the repayment never materialised.

Allegations, an acknowledgement of debt and video evidence

According to The Citizen, an acknowledgement of debt later signed by Hakimjee contains admissions that the alleged robbery did not occur, that false representations had been made, and records admissions relating to fraud, theft and perjury.

The Citizen reports that videos sent by Hakimjee suggested the complainant’s money had been reflected in a Libex company bank account, a division of Libertas, well after it was allegedly stolen.

Arrests and a police‑station settlement

The Citizen says both Hakimjee and Hossenbocus were arrested, according to the complainant’s attorney Jason Saus.

Also according to The Citizen, a settlement was negotiated at Sandton police station in which Hossenbocus allegedly agreed to stand surety for the debt. The proposed security package reportedly included a truck, trailers and a BMW X3, and the settlement provided for monthly payments of R50,000 toward the outstanding amount.

The Citizen reports that Hossenbocus paid R50,000 a month for two months, after which the payments stopped.

Competing legal accounts over the BMW and coercion claims

In correspondence dated 2 June, Richen Attorneys representing Hossenbocus alleged he had been coerced into signing the settlement agreement while detained at Sandton police station and argued that neither he nor anyone present had authority to pledge the BMW because it belonged to another individual, according to The Citizen.

The Citizen reports that Hossenbocus’ attorneys maintain he had no personal liability for Hakimjee’s debt, that the settlement agreement was signed under duress, and that they have demanded the return of property and indicated they may seek to have the settlement agreement set aside.

Responses and next steps

According to The Citizen, the complainant’s attorney Jason Saus rejected the coercion account, saying the settlement was entered into voluntarily and that affidavits confirming the arrangement were signed under oath.

The Citizen reports that Hossenbocus was approached for comment but had not responded by the time of publication.

“Look, your money’s in our business account here. I’ll pay you back shortly. I’ll see you at five o’clock tonight,”

a statement The Citizen attributes to Zaid Hakimjee, as recounted by the complainant’s attorney.