Megatech MGT Token Scam - Megatech caught out lying about their Solar Plant ProjectsScam site: mgtsolar.comAccusations Unregistered security
Illegal STO (ICO offered at US$0.01)
Trading competitions
Ridiculous ROI
Users who stake will get bonuses (diluting equity)
Strategic 3rd party Development Partners are not independent
Known team members are part of Apollo Fintech scam
Known team members are behind a fake country
Claiming other legit companies are MGT Solars when they are not to con the investor
What is advertisedTeam members of MGT Solar:DirectorsWessel Sevenster
Willem Sternberg B
Francois Paul N
Alastair Comfort
https://b2bhint.com/en/company/za/mgt-solar--K2020251758Executive TeamEddy Neilson
Wessel Sevenster
Willie Boshoff
Raan Naude
Alastair Comfort
Management TeamCraig Black
Deniz Goz
Craig Nel
Jandre Barnard
AdvisorsJoanne Dean
Arno Boshoff
Raan Naude
Other Names linked to MGT SolarDeniz K
Claims from MGT SolarMGT Solar (PTY) claims to answer demand for electricity in South Africa by providing an alternate energy supply by building eight 10mwa solar energy plants within the next 60 months (5 years). MGT has claimed in their roadmap that due to partnerships this build time of solar energy plants has been cut from 5 years to 1.5 years for completion.
MGT Solar have suggested they have acquired 100% ownership in Project Beta (PTY) who owns a 60 megawatt plant (worth USD$113 million) and Project Sediba SPV in Parys that boasts having 75 and 120 megawatt PV plants.
The MGT website states Megatech will generate a NET PROFIT of $1.18T over 25 years (3,575%) which equates to an average of 142% return per year.
The website also states that the token offered for sale will be listed on a major exchange with 200 pairings in August 2021.
The custodian wallet is only available on the Apollo Fintech blockchain where staking can take place.
Carbon credits apparently will also be traded on external exchanges and profits generated will return back to MGT Solar to enhance yearly dividends.
Token Distribution according to the whitepaper:
Equity Token offering 3.5 bil
Development 400 mil (11.43%)
Management 400 mil (11.43%)
Marketing 300 mil (8.57%)
Team Development 150 mil (4.28%)
Exchange 150 mil (4.28%)
Airdrop 100 mil (2.86%)
The whitepaper claims 42.85% tokens are kept for the above developments.
STO Fiat Distribution:
Power Plants 80%
MGT Solar 20%
Reported MGT Financials:
https://mgtsolar.com/onepaper/Unregistered security/Illegal ICOTo begin with the MGT (token) claims rights to ownership of solar plants. In addition dividends are claimed to be payout to the token holders rendering this as a security. There is no registered company found on any registers within South Africa or worldwide that has been authorised to sell the MGT token. It is therefore an unregistered illegal ICO. Buying this token means there is significant risk for investors with no legal comeback or protection. Without regulation false assurances about the MGT project and claims are unsubstantiated. If an investor buys into a token they can also be breaking their own countries laws, as many countries require KYC to buy a security or require the security to be registered. Often penalties such as monetary fines and in cases jail time can be given to the investor for purchasing unregistered securities. This could been seen as an attempt to lauder and hide money. This is why you should do your research.
For your own research Megatech is registered in CO JAN DE WET AND PLATAN AVENUE, NO 35 FLAMWOOD, KLERKSDORP, NORTH WEST, 2571.
The active officers for Megatech are Willem Sternberg B, Wessel Sevenster, Francois Paul N and Alastair Rory Comfort. (
https://b2bhint.com/en/company/za/mgt-solar--K2020251758).
The marketing of any financial products in South Africa is subject to regulation under the Financial Advisory and Intermediary Service Act (FAIS) and also covers financial providers domiciled outside South Africa for investors doing business with South African companies.
Useful link:
https://www.fsca.co.za/Regulated%20Entities/Pages/FAIS-Verifications.aspxYou will not be able to find any financial service that is registered to sell the MGT Token. It is an illegal security and an illegal ICO.
Trading Competitions, Absurb Returns and MGT StakingA major underlying red flag with MGT Solar is them conducting trading competitions and massive staking returns.
Absurd returns are advertised on the MGT Solar website of 3,575% over 25 years. This equates to an average of 143% return per year. As we all know these a ridiculous returns and this temps the novice investor by invoking FOMO. No real company has ever promoted such returns. This is in fact against the FAIS act as set out by the South African regulators, but because the MGT token is not a registered security MGT Solar breaks these rules and the investor has no financial protection.
To further insult to the investor this scam company is offering trading competitions and are giving away free MGT tokens. This doesn’t make sense a couple of ways. Firstly this dilutes ownership by giving away free tokens. How do you feel about this? Secondly funding should be going to building solar plants, not encouraging investor to trade as this does not benefit the business. You must be desperate to try and get people to trade a security by offering a competition. Have you seen this in the real world?…. A company offering to give away shares if you trade more of their shares? Hmmm major red flag there.
Other giveaways include $50 of the MGT token Weekly giveaways and the lucky wheel competition upwards of $300 worth of MGT tokens.
What we also find is that through Bitmart, you can earn up to 30% rewards monthly by staking LOL
https://support.bmx.fund/hc/en-us/articles/4405968811931This is a HUGE dilution withering down your ownership if you do not stake. Imagine buying 1million MGT tokens and every month you ownership decreases by 30% per month because someone else who bought 1million tokens is staking and you are not. The tokens received for staking diluted your share of ownership. And this is compounded month after month accelerating your loss of ownership. This is inflation of ownership.
Why does it dilute ownership? It is true with two aspects:
(1) Either the token didn’t exist to begin with until you staked it, therefore ownership cannot be applied to what didn’t exist to start with diluting total ownership after staking.
(2) Or if the token did exist to begin with, and held by MGT Solar, when you stake the MGT token the ownership passes from MGT Solar to you the staker diluting MGT Solars ownership until they own nothing. In this situation no funds are actually transferred (as it would with shares) and MGT Solar do not benefit. Remember the solar plants are not built yet so there is no income. Therefore, there is no argument that the income is reinvested or distributed in the form of the MGT token to the investor, and thus not diluting ownership with MGT Solar. This point is now moot.
This is a great ruse to create confusion leading to you to believe you are benefiting. It just doesn’t make sense that MGT Solar is happy to lose ownership of a business to only benefit you.
The other side to this coin which again raises red flags is the idea that you can increase your ownership by 30% per month. Relative to the token this is many hundreds of percent per year increase, not taking in consideration the price. A massive warning sign that something is not right.
MGT Solar have also completed an airdrop. This dilutes more ownership so be careful of this scam.
Useful link:
https://bitcointalksearch.org/topic/m.58564147MGT Solars Strategic 3rd party, Development Partners and Apollo Fintech ConnectionsIt is important to begin with the fact no independent 3rd parties have validated Megatech (MGT) Solar. So far the only information provided is directly from MGT Solar and you can only take them by their word. This would include ZPN Energy Sub-Saharan Africa where MGT Solar have claimed to have partnered with. All articles publishing this partnership have been paid articles and/or written by Megatech Solar. ZPN Energy have not verified this this partnership and caution is advised. Nothing has been independently verified, invest at your own risk.
According to whitepaper MicroEdge and Amber Trading will be the development and strategic development partner of MGT Solar (Pty) Ltd. Further investigation into this companies reveals Willem Sternberg and Wessel Sevenster are the directions of Amber Trading (
https://b2bhint.com/en/company/za/amber-trading--K2019023836) and the directors of MicroEdge are Tsung-Hsien Lin, Edward Vincer N and Alastair Rory Comfort (
https://b2bhint.com/en/company/za/microedge-consultant--B1999007516).
What is interesting Alastair is not only a director of MicroEdge but also a director for MGT Solar. We also find Wessel as a director for Amber Trading and MGT Solar. This is a perpetual circle that does not provide independence. In addition to this Wessel is linked to the scam Apollo Fintech and a fake country promoting himself as “congressman” of the United Allied States (UAS). It is to be noted that the MGT token is only allocated to the Apollo Network blockchain demonstrating the involvement with Steven McCullah and this scam.
Looking in depth into the team the Advisor for MGT Solar Arno Boshoff and Willie Boshoff are both related strengthening the correlation of MGT Solar to Apollo Fintech and the fake country UAS. The apple does not fall far from the tree. (
https://bitcointalksearch.org/topic/m.58564147).
The same people running MGT Solar are the same ones involved with the Apollo Fintech scam. You will also find the aforementioned people and the associate business directorships include Knox VIP, Apollo Currency Africa, Apollo Fintech Africa…the list goes on.
Claiming Acquired Companies are MGT Solars when they are NOTWhat is very damning to MGT Solar is they have pretended to acquired 100% equity in Project Beta (Pty) Ltd who owns a 60 megawatt project in Hertzogville, Orange Freestate, South Africa for US$113 million and will begin construction this year 1st quarter (2022, Q1) with a budget of 1.8 billion Rand.
https://www.youtube.com/watch?v=E_IgLLXnjZc&t=125sMegatech via YouTube (Megatech MGT Token) also claim a Phase two called Project Sediba SPV and will have two 75 megawatt PV Plants located in Orange Freestate, Parys, South Africa and will begin construction 2022 Q3 with a budget of 5 billion Rand.
https://youtu.be/E_IgLLXnjZc?t=123To begin with don’t get confused, none of these projects are built yet which bring us to an interesting point. What exactly did Megatech buy for US113 million when buying Project Beta (Pty) Ltd when in fact the plant is not built? They claim Beta Solar has a net value of $113 million. Isn’t that equivalent to 1,706,446,900 Rand, the entire budget gone for a project not built yet? Anyway I have not made my point yet, it is time for some research.
The two power plants in question are Project Beta SV and Project Sediba SPV.
What we find is one man connected to them both,
Dick Paul Splinter Berlijn (Berlin). If fact Mr Berlin owns two companies (100%) with the same names.
Beta Solar Plant (RF), located in South Africa (
https://b2bhint.com/en/company/za/beta-solar-power-plant-rf--K2013048155)
Sediba Solar Plant (RF), located in South Africa (
https://b2bhint.com/en/company/za/sediba-solar-power-plant-rf--K2012040524)
He also owns (100%):
Subsolar Energy
Life Solar
Naledi Solar Energy (RF)
Gamma Solar Plant (RF)
All found in South Africa.
https://b2bhint.com/en/officer/32623331We find that Mr Berlin lives in Stockholm and 100% owns Subsolar AB, with a registered industry of technical consulting activities in electrical engineering (
https://upplysningar.syna.se/foretag/5592005374). In fact all Subsolar developments are held through their respective country offices which sit under SubSolar Energy (Holding BV) and is the registered company above. They have a website:
https://subsolar.co.zaContact details:
[email protected]The companies Beta Solar Plant and Sediba Solar Plant are subsidy companies under the parent Subsolar company (b2bhint.com) and have undertaken Project Beta and Project Sediba for solar plants in the Orange Freestate, South Africa. What a coincidence. The very projects and company Megatech have claimed to have owned and developing are owned by a different company and man, the man who STILL owns these companies and has not sold them. What else can we find?
We can find the Cultural Heritage Impact Assessments for the Proposed Development of Photovoltaic Power Plants in South Africa.
(1) Beta Solar Plant Report:
https://sahris.sahra.org.za/sites/default/files/heritagereports/Appendix%20D2%20-%20HIA_0.pdf and
https://sahris.sahra.org.za/sites/default/files/additionaldocs/Beta%20-%20Draft%20Scoping%20Report.pdf(2) Sediba Solar Plant Report:
https://sahris.sahra.org.za/sites/default/files/additionaldocs/Sediba%20Final%20Scoping%20Report%20%281%29.pdfThings have just become more clear. The Beta Solar Report for Cultural Assessment has the recipients email to
[email protected], this is the same as subsolar.co.za contact details, Mr Berlins current company. The report for the Sediba is addressed to Sediba Solar Plant (RF), also Mr Berlins company.
We can also see at
https://sahris.sahra.org.za/organisations/beta-solar-power-plant-pty-ltd-0 that Beta Solar Power Plant is connected to Subsolar.co.za with a contact email of
[email protected]I think we we have a problem Megatech. The projects and companies you have just claimed to own are owned by someone different.
Let’s keep digging.
Beta Solar Plant ProjectThe Beta Solar Plant Project (owned by Mr Berlin) has a max capacity of 84 megawatts with a connection point of 75 megawatts. Approx 180 hectares is covered with the title deed T8261/1997. The development is to be at The farm Talana 1241, Registration Division Boshof, Freestate. The property owner is Retreat Trust and is leased to Beta Solar Plant for 20 years.
The location coordinates for the plant form a polygon:
-28.16520 (lat) 25.67060 (long), -28.17601 (lat) 25.66864 (long), -28.17496 (lat) 25.69103 (long), -28.17253 (lat) 25.69509 (long).
Let’s now review what Megatech claim their Project Beta covers. They claim to be building a 60 megawatt project in Hertzogville, Free State, South Africa.
On the MGT official Telegram group they have uploaded a video (duration 7min 15 sec) on the 30th Dec 2021 with more details of this project. To be precise they have given the coordinates of the project.
As we can see the pin marks the spot for the solar plant. On the right top hand corner we can see the Legend with 160ha - 84MW Solar Plant. The Farm Talana, 1241, Bishop Rd, Free State, South Africa.
As you can see from the legend the address is exactly the same as the Project Beta that Mr Berlin owns with Subsolar. You can also compare this to google maps:
https://www.google.com/maps/place/28°09'54.7%22S+25°40'14.2%22E/@-28.1219403,25.5847028,27474m/data=!3m1!1e3!4m5!3m4!1s0x0:0xcff0e55727358e3a!8m2!3d-28.1652!4d25.6706!5m2!1e4!1e2
Megatech has claimed this is their project! They have deceived you into taking a legit project and claiming this for themselves. They have even changed a few details such as how many mega watts they would produce in order to portray this differently so they are not caught. This is fraudulent by Megatech duping you into giving them your money.
You can also see the land is only leased for 20 years, not the 25 years that Megatech has advertised and what they based their financial figures around. They didn’t read all the fine print and made an opps moment. The devil for Megatech is in the details, you just got caught lying.
Project Sediba The Project Sediba SPV run by Mr Berlin is a capacity of 150 megawatts covering 270 hectares of land with a Title Deed T605/1991 located on the extent of the farm Kliprug No. 344, Registration Division Parys, Free State Province. The property owner is Dan-Uys Boerdery CC and is leased to Sediba Solar Power Plant (RF) for 20 years.
We will now review what Megatech has said about their Project Sediba SPV. Megatech claim to be building two 75 megawatt solar plants located Parys, Free State, South Africa.
(
https://youtu.be/E_IgLLXnjZc?t=122)
What another coincidence, Megatechs two 75 megawatt (2X75=150MW) solar plants are the same size as Mr Berlins solar company of 150 Megawatts. And even more so they are located in exactly the same farm, Kilprug Farm in Parys, South Africa.
You can also see the land is only leased for 20 years and not the 25 years as reported by Megatech, a detail they had wrong.
Conclusion As we already know it is no a coincidence that Megatech (MGT) solar plants are located in the same place as the power plants that Dick Paul Splinter Berlijn (Berlin) owns, they are the same solar plants.
MGT have been trying to pass off these legit projects as their own and have tried to change some details to throw off people researching. As shown above, the two projects in question are still owned by Mr Berlin and no ownership has been transferred to MGT.
If you wish to confirm such details you can also purchase the full business reports or contact Mr Berlin via the website
https://subsolar.co.za or e-mail
[email protected]MGT giveaways, competitions and staking would dilute ownership and does not make sense within a business structure model. In the real world this is not sustainable.
Adding to the many red flags is the unrealistic returns advertised which goes unregulated as no financial body is registered to sell the security. This made the STO/ICO illegal and has place investors in a precarious situation where they may have broken laws in their country and could face penalties.
Any irregularities can be reported to the Mineral Resources & Energy of South Africa @
https://www.dmr.gov.za/reportIt is concluded the Megatech has been caught out lying which is of no surprize considering the correlation to
Apollo Fintech and
Steve McCullah, as the same practices are used.
Megatech is a SCAM. Original thread, Apollo Fintech Scam:
https://bitcointalksearch.org/topic/m.59047137
