Pula Steel sale flops as SA buyers exposed as scammers

Documents from the process indicate that DH Machine Manufacturing, the SA firm, was discovered to have been linked to Coinit Trading, a suspected pyramid scheme raided by the South African Hawks and financial investigators last year.

“Further investigations revealed that the company, which was funding the deal from the DH group was being investigated by the Hawks in South Africa and that their doors had been closed and banks accounts frozen,” reads a letter from Pula Steel liquidator, John Hinchliffe to creditors.