HARARE – Two prominent Zimbabwean businessmen, George Manyere and Godwin Nyengedza, are at the heart of the collapse of Afristrat Investment Holdings – a South African financial services company formerly listed on the Johannesburg Stock Exchange (JSE) under the name Ecsponent.
Afristrat, which raised over R2.3 billion through preference share investments, is now facing liquidation after its board conceded that the company is commercially insolvent and unable to pay its debts. Manyere, the company’s CEO and chair of the board, confirmed last week that a fresh application for voluntary liquidation has been filed with the High Court in South Africa.
Nyengedza, also a director of Afristrat, is listed as one of the applicants alongside fellow director Roger Pitt.
In court filings, Manyere cited “irreparable harm” suffered by the company due to what he called fraudulent transactions, including a catastrophic investment in MyBucks SA (Luxembourg), a microfinance outfit co-founded by South African businessman Dave van Niekerk.
Afristrat invested more than US$100 million into the MyBucks Group and related companies between 2014 and 2019, a strategy Manyere now admits was a “bona fide error in judgment”. The company eventually converted its debt into equity, only for MyBucks to be declared bankrupt by Luxembourg authorities in February 2022—wiping out Afristrat’s investment.
By May 2022, Afristrat announced a staggering R1.5 billion loss linked to MyBucks, pushing its total investor fund loss to R1.9 billion, according to unaudited financial statements seen by ZimLive.
The company has not published audited financials since 2022, leading to its suspension from the JSE. Afristrat’s external auditors resigned in August that year.
In what Manyere describes as a last-ditch effort to recover value, the company launched several forensic investigations, with results being handed over to the court-appointed liquidator. Manyere said the investigations include sensitive details, suggesting potential criminal charges may follow.
Van Niekerk distanced himself from Afristrat’s collapse and accused Manyere of being the real architect behind the company’s downfall.
“I was never a director of Ecsponent or any of its subsidiaries. To the contrary, I was one of the many parties financially prejudiced by the actions of Mr Manyere,” he told MoneyWeb.
Van Niekerk claims that assets previously held by MyBucks and Afristrat have since found their way into the MHMK Group, a Mauritian entity controlled by the George Manyere Family Trust—allegedly leaving ordinary shareholders with nothing.
The Afristrat saga has drawn attention in both South Africa and Zimbabwe, where Manyere is a well-known figure in financial circles. In addition to leading Afristrat, he has served on several boards and maintains business interests across Southern Africa.
Godwin Nyengedza, his fellow Zimbabwean director, is a lawyer by profession and was previously company secretary for Afristrat.
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