Taxi fund in bid to recover value

MI-PLAN: INVESTORS STILL FLEEING, ASSETS HALVED

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Hit by defaults, fund has enlisted Transaction Capital to do collections.

The embattled Mi-Plan Enhanced Income Fund, which was hit by defaults at Bridge Taxi Finance to which it has exposure, has terminated the collections agreement it had in place with Mokoro.

In its place, Vunani Fund Managers, which manages the fund for Mi-Plan, says it will appoint Transaction Capital unit Mobalyz (and call centre partner Nuntun) to "continue collections" from taxi owners to which Bridge had lent money.

Mobalyz houses Transaction Capital's "credit, insurance and funding intellectual property, datasets and technologies, making it the servicer and operator of SA Taxi and Gomo".

Vunani (and other debtholders) had been under significant pressure to resolve the collection issues at Bridge.

These problems first surfaced in January following the "sudden" passing away of Martin Bezuidenhout, CEO and founder of Mokoro and Bridge Taxi Finance.