Moneyweb initiated an investigation into KleuterZone following concerns expressed by investors about the sustainability of the group’s advertised high returns. Picture: KleuterZone website The joint provisional liquidators of the KleuterZone group of schools have approached the Western Cape High Court for urgent relief to prevent Ludus Holdings from restructuring, disposing of, or interfering with several nursery and pre-primary schools previously operated within the group. KleuterZone and its underlying companies, as well as founder and director Anthonie Bougas, were officially sequestrated earlier this year after the scheme, which relied on investor money, collapsed.
In an application filed on Thursday, the liquidators Johannes Muller and Madeleine Kuilder, asked the court to grant an interim preservation order restraining Ludus Holdings (Pty) Ltd, its directors Francois and Michiel Smuts, Kind Academy (Pty) Ltd, and two additional respondents from transferring, rebranding, or interfering with the operations and assets of the affected schools pending the outcome of statutory liquidation enquiries. The matter is set down on the urgent roll for Friday, 12 December 2025. In February, Moneyweb initiated an investigation into KleuterZone following concerns expressed by existing and prospective investors about the sustainability of the group’s advertised high returns, which ranged between 38.4% and 62.4%.
Several investors contacted Moneyweb after the first article was published, claiming they had not received their March dividends, while landlords had not received rent for the properties that KleuterZone leases from them. Moneyweb reported earlier that Ludus Holdings was in discussions with school principals to potentially take over the operations of certain schools. At the time, around 58 schools were identified.
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Little was known about Ludus, other than that one of its directors is Francois Smuts. According to court documents, the “Smuts brothers” (Francois and Michiel) began a “coordinated takeover of certain KleuterZone schools before the liquidators could even gain access to the business operations”.
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