Prominent Zimbabwean businessmen George Manyere and Godwin Nyengedza have been named as key figures in the collapse of Afristrat Investment Holdings, a former JSE-listed financial services company that raised over R2.3 billion from investors.
Afristrat, formerly known as Ecsponent, is now seeking voluntary liquidation after admitting it is commercially insolvent. CEO and board chair George Manyere confirmed that an application was recently filed with the South African High Court.
Court documents cite “irreparable harm” caused by failed investments, including over US$100 million pumped into MyBucks SA (Luxembourg) a microfinance firm co-founded by South African businessman Dave van Niekerk. MyBucks was declared bankrupt in 2022, wiping out Afristrat’s equity.
By mid-2022, the company reported losses of R1.9 billion and has not published audited financials since. External auditors resigned in August 2022, and Afristrat was subsequently suspended from the JSE.
Fellow Zimbabwean director Godwin Nyengedza, a lawyer and former company secretary, is listed as a co-applicant in the liquidation case.
Manyere claims forensic investigations have uncovered fraudulent transactions and potential criminal conduct. However, Van Niekerk denies responsibility, accusing Manyere of offshoring assets into MHMK Group, controlled by the George Manyere Family Trust.
The case has triggered alarm among investors and regulators across South Africa and Zimbabwe, raising serious questions about cross-border financial oversight and executive accountability.
