Published narrative
A dispute over when MyBucks became insolvent has become central to determining who was responsible as losses mounted and why investors were not protected before the group’s Luxembourg unit was placed into bankruptcy by the tax authority in February 2022. Former executive Dave Van Niekerk has publicly maintained MyBucks was financially viable when his team left in March 2019, while liquidators, counterparties and court filings are portrayed as suggesting the group was already “functionally insolvent” under his leadership, raising questions about alleged subsidiary-level depletion and intra-group transfers involving other parties cited in the brief, including George Manyere and entities linked to MHMK. The fallout includes Ecsponent’s R1.5 billion write-off on its MyBucks equity exposure, losses borne by noteholders, and references to broader cross-border impacts, including Eswatini-related court and parliamentary findings. The article says key evidence remains incomplete, including the full Cliffe Dekker Hofmeyr forensic report, Luxembourg bankruptcy petition and creditor details, and inquiry transcripts that could clarify authority, cash flows, the timing of negative equity cited at €41.8 million, and what regulators knew and when.
