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 the voluntary liquidation application by 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 CEO George 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 initiated forensic 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 is no 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.
A Timeline of George Manyere’s Career
- Prior to 2008: Manyere worked as an investment professional with the International Finance Corporation (IFC), a part of the World Bank Group, in Washington DC. During his tenure, he was responsible for investing hundreds of millions of dollars in sub-Saharan Africa.
- 2008: He founded Brainworks Capital, a private equity and investment firm that would go on to be the first Zimbabwean company with a primary listing on the JSE main board.
- 2014: Manyere became a director of Arden Capital, which later became the holding company for the MyBucks Group.
- February 2017: Manyere stepped down as Group CEO of Brainworks, a move that was described as part of the company’s “Second Phase” of development. He remained a shareholder and a member of the board.
- December 2017: Manyere and his partners sold their shareholding in Brainworks. He then acquired the company’s investment in Getbucks and pivoted to focus on other opportunities, including his investment in Ecsponent (Afristrat).
- March 2017 to March 2020: Manyere served in various leadership roles at Ecsponent Limited, including CEO, Executive Vice Chairman, and Non-Executive Director. His investment arm, the MHMK Group, became a majority shareholder.
- January 2021: The Bank of Zambia ordered Manyere to exit from his shareholding and directorship in MyBucks Zambia, citing violations of banking rules. The central bank found his actions to be “irrational” and “detrimental to the stakeholders.”
- 2024-2025: Manyere serves as CEO of Afristrat and leads the board’s application for the company’s voluntary liquidation. He also initiates forensic investigations into the collapse.
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.
Furthermore, Manyere has been involved in a separate, long-running legal and public battle with a former business partner, Douglas Mamvura. Reports from Zimbabwean and Botswanan media, referencing Gambakwe Media, detail a dispute over an alleged US$4 million payment Mamvura claims he is owed from the sale of shares in a company they co-owned. Manyere has denied these claims, stating that Mamvura had already been compensated for his stake years earlier by having his liabilities on a separate loan paid off. This dispute provides additional context on the legal and public scrutiny that has surrounded Manyere’s business dealings.
Detailed Timeline of Afristrat’s Collapse:
- 2014-2019: Afristrat (then Ecsponent) invests over US$100 million in MyBucks Group, a decision later admitted by CEO George Manyere as a “bona fide error in judgment.”
- 2016-2019: Afristrat suffers continuous and escalating losses from its MyBucks investment, totaling hundreds of millions of rand.
- October 19, 2019: A PwC report raises serious concerns about MyBucks’ financial viability, but Afristrat continues to invest, leading to further massive losses.
- May 2020: Preference shareholders agree to a major restructuring, converting R2.3 billion in debt into equity in a last-ditch attempt to save the company.
- February 16, 2022: MyBucks is declared bankrupt, wiping out Afristrat’s entire investment of approximately R1.5 billion.
- May 2022: Afristrat announces an overall loss of R1.5 billion linked to MyBucks, pushing total investor fund losses to approximately R1.9 billion.
August 5, 2022: The JSE suspends trading in Afristrat shares after the company fails to publish its audited financial statements for the fiscal year ending March 2022.
- August 2022: Afristrat’s external auditors resign, deepening the financial uncertainty.
- March 1, 2024: Afristrat’s board officially resolves to apply for voluntary liquidation, citing commercial insolvency. This application is delayed by a competing provisional liquidation application from an investor.
- February 20, 2024: A court dismisses a provisional liquidation application from investor Jienie-Michelle Dreyer, which ultimately helps to clear the way for Afristrat’s board to move forward.
- July 1, 2024: Afristrat is officially removed from the JSE listing due to its ongoing non-compliance.
2024 Ongoing: Forensic investigations are launched to probe allegations of fraud and the misappropriation of company assets.
2025: Afristrat’s CEO George Manyere confirms the reinstated application for voluntary liquidation. This process is now officially underway, with the company stating there is no hope for recovery and that forensic investigations are ongoing to hold those responsible accountable.
The unfolding liquidation process in 2025 marks the likely end of Afristrat as a corporate entity. For the many investors who have suffered significant losses, the hope now lies in the outcome of the forensic investigations and any potential recovery of misappropriated funds. The legacy of Afristrat will undoubtedly serve as a stark reminder of the risks inherent in concentrated investments and the critical importance of due diligence and corporate governance. The final chapters of this saga will likely be played out in the courts as the liquidation process unfolds and the findings of the forensic investigations come to light.
