The dramatic collapse of Afristrat Investment Holdings (formerly Ecsponent) is a story largely defined by the actions and controversial leadership of its CEO,George Manyere.A career investment professional with a background at the World Bank Group, Manyere’s tenure at the helm of Afristrat was marked by a disastrous, multi-million dollar investment in the MyBucks Group, a decision he himself later admitted was a “bona fide error in judgment.”
This saga, with its roots in South Africa but with crucial ties to business operations in Botswana, has now entered its final chapter.As the company formally moves towards liquidation in 2025, Manyere is the central figure leading the process while simultaneously facing serious allegations of financial misconduct.This post provides a comprehensive overview of the latest developments, a detailed timeline of Manyere’s career, and the full sequence of events that led to the company’s demise It explores how a single, flawed investment decision snowballed into a corporate failure, leaving thousands of investors with immense losses Latest Developments in 2025: The Path to Liquidation
The core news in 2025 is the official reinstatement of thevoluntary liquidation applicationby Afristrat’s board of directors.After being delayed by competing legal challenges from other investors and creditors, the path has been cleared for the company to proceed with its own winding-up process Afristrat CEOGeorge Manyere, on behalf of the board, has confirmed that the company is “commercially insolvent” and has no realistic chance of recovery.The directors have made it clear that continuing operations is no longer feasible, and they have a legal duty to cease business and act in the best interest of all stakeholders, particularly creditors
In a move to address lingering questions and potential wrongdoing, the board has also initiatedforensic investigations.These probes are focused on uncovering alleged fraudulent transactions and the misappropriation of company funds The findings from these investigations are considered highly sensitive and will be handed over to the court-appointed liquidator This process will be critical in determining if any of the lost funds can be recovered and if any individuals, including past or present executives, should face criminal charges The grim reality for shareholders is that the company has stated there isno prospect of a financial recovery.The delisting from the JSE in July 2024 was the final confirmation of its failure, leaving investors with shares in a valueless, unlisted entity
George Manyere’s Perspective and Involvement
George Manyere has been a central and controversial figure throughout the Afristrat saga He has publicly attributed the company’s collapse primarily to a “bona fide error in judgment” related to the over-concentration of investment in the MyBucks Group.He has also pointed fingers at former MyBucks leadership for what he claims were “orchestrated fraudulent transactions” that caused irreparable harm to Afristrat While taking a leading role in the liquidation process, Manyere has also been the target of serious allegations.There are claims that company assets were moved to entities, such as the MHMK Group, which are controlled by his family trust.These allegations, which Manyere has largely not addressed publicly, have fueled suspicion that the collapse may have benefited a select few at the expense of ordinary shareholders The ongoing forensic investigations are expected to shine a light on these claims
Source: Gambakwe
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Source: Gambakwe
