Two Zimbabwean businessmen face scrutiny after their South African financial company collapsed spectacularly. George Manyere and Godwin Nyengedza led Afristrat Investment Holdings when it raised over R2.3 billion from investors before filing for bankruptcy. The firm lost everything after pouring more than $100 million into MyBucks SA, a microfinance company that failed in 2022. Manyere admitted the investment decision was a major mistake that caused irreparable damage. Court documents show total investor losses reached R1.9 billion.
External auditors abandoned the company in August 2022, leading to its removal from the Johannesburg Stock Exchange. Dave van Niekerk, who founded MyBucks, denies any wrongdoing and claims Manyere caused the problems. He alleges that company assets mysteriously appeared in a Mauritian firm connected to Manyere's family trust. Forensic investigators have handed their findings to liquidators, potentially leading to criminal charges. Investors remain empty-handed while demanding explanations for their massive losses.
External auditors abandoned the company in August 2022, leading to its removal from the Johannesburg Stock Exchange. Dave van Niekerk, who founded MyBucks, denies any wrongdoing and claims Manyere caused the problems. He alleges that company assets mysteriously appeared in a Mauritian firm connected to Manyere's family trust. Forensic investigators have handed their findings to liquidators, potentially leading to criminal charges. Investors remain empty-handed while demanding explanations for their massive losses.
