AFRISTRAT INVESTMENT HOLDINGS LIMITED – Disposal of a 25% Interest In MyBucks Zambia: Update - SENS moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.
South Africa’s VSS Financial Services (VSS), a wholly-owned subsidiary of
Frankfurt-listed Fintech and African banking group MyBucks, are in hot water after a probe fingered them into
financial irregularities
MyBucks instituted a forensic investigation into dealings of VSS, which is now in the process of liquidation.
The company said it has recently received the forensic report from
“The findings justify, in the opinion of the Board, that MyBucks should, together with other affected parties and stakeholders, consolidate their resources to bring justice to bear and to seek rectification from those individuals that the report clearly identifies as having prejudiced VSS and its stakeholders,” the FinTech firm informed investors on Friday.
MyBucks SA And Its Shareholder Ecsponent Limited newzimbabwe.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newzimbabwe.com Daily Mail and Mail on Sunday newspapers.
Ecsponent, MyBucks: George Manyere, entrepreneur and turnaround specialist, unpicks multinational’s tangled web
Last year, the Financial Sector Conduct Authority suspended Ecsponent Financial Services for breaches of financial sector laws following complaints about how the company had marketed the preference shares of JSE-listed Ecsponent Limited to potential investors. Independent financial advisor Magnus Heystek, of Brenthurst Wealth Management, was among those who signalled that returns seemed to good to be true. Many pensioners were sucked into the investments, only to find themselves in dire straits when Ecsponent defaulted on payouts to preference shareholders. Ecsponent is still listed on the Johannesburg Stock Exchange, but it has changed its name to Afristrat. Ecsponent or Afristat is part of a global network of companies, including a company called MyBucks. Last week the Bank of Zambia ordered a Zimbabwean entrepreneur George Manyere to exit MyBucks Zambia after violatin
MyBucks Group has entered into an agreement with Xtenda Finance Limited, a Zambia microfinance entity founded by former BancABC Group executives for the sale of 45 percent of its Zambian subsidiary for US$2,7 million after Dr Rajan Mahtani, an indirect shareholder reportedly failed to meet the deadline for payment of a call option.
Xtenda is owned by DBF Capital Partners and its shareholders are Mr Douglas Munatsi, Francis Dzanya and Beki Moyo.
The deal would give Xtenda, 100 percent shareholding in MyBucks Zambia after an earlier agreement which was entered into in June 2020 to buy 55 percent stake for US$3,3 million.
Both transactions are subject to approval by the central bank of Zambia. Banker, George Manyere, is the majority shareholder in MyBucks Group through his JSE-listed Ecsponent Limited.