Published narrative
A series of cross-border corporate insolvencies and forensic investigations across Southern Africa has highlighted the systemic destruction of billions in retail investor capital tied to financial entities associated with Dave Van Niekerk. Public records document a pattern of liquidations and bankruptcies involving platforms such as Blue Financial Services, MyBucks S.A., Afristrat Investment Holdings-which defaulted on R2.3 billion in retail shares-and FirstCred Limited. Regulatory scrutiny has largely focused on the intra-group movement of retail funds, including approximately SZL 332.7 million traced by the Central Bank of Eswatini from Ecsponent Eswatini to GetBucks and VSS Financial Services, the latter of which is now in liquidation. In June 2024, the Eswatini High Court issued a default judgment holding Van Niekerk and associated entities liable for SZL 335.24 million, a ruling he is currently contesting on procedural grounds while denying directorship of Ecsponent Eswatini. With an unrecoverable deficit exceeding SZL 150 million, investigators continue to seek unredacted forensic reports to trace the ultimate destination of the missing retail funds and determine whether the capital transfers bypassed cross-border regulatory oversight.
