Zimbabwean Bosses Blamed As Afristrat Collapses With R2.3 Billion
Zimbabwean businessmen George Manyere and Godwin Nyengedza are at the centre of the dramatic collapse of Afristrat Investment Holdings, a South African financial firm that raised more than R2.3 billion (around US$126 million) from investors before declaring insolvency. Investors were told they had lost their money after Afristrat applied for liquidation.
“Irreparable harm” and massive losses
Afristrat’s CEO and board chair, George Manyere, confirmed in a statement dated 30 July 2025 that a fresh application for voluntary liquidation had been lodged with the High Court of South Africa.
“The company has suffered irreparable harm due to fraudulent transactions and mismanagement,” Manyere said in court filings quoted by ZimLive, adding that Afristrat’s investment strategy was a “bona fide error in judgment”.
Afristrat had invested over US$100 million into MyBucks SA (Luxembourg), a microfinance firm co-founded by South African businessman Dave van Niekerk, between 2014 and 2019. Manyere admitted the company later converted debt into equity, only for MyBucks to be declared bankrupt by Luxembourg authorities in February 2022, wiping out Afristrat’s funds.
Investors left with nothing
Afristrat’s unaudited results for May 2022 revealed a staggering R1.5 billion (US$82 million) loss directly linked to MyBucks, pushing total reported investor losses to R1.9 billion (US$104 million).
By August 2022, Afristrat’s external auditors had resigned. The firm has not released audited financial statements since, which led to its suspension from the Johannesburg Stock Exchange (JSE).
Manyere said Afristrat then commissioned forensic investigations in a last-ditch bid to uncover wrongdoing.
“The results of these investigations have been handed to the liquidator and may result in criminal charges,” he stated.
Van Niekerk denies blame
Dave van Niekerk rejected any responsibility for Afristrat’s collapse. Speaking to MoneyWeb, he insisted he was not involved in Afristrat’s management:
“I was never a director of Ecsponent or any of its subsidiaries. To the contrary, I was one of the many parties financially prejudiced by the actions of Mr Manyere.”
Van Niekerk further alleged that assets once belonging to Afristrat and MyBucks had ended up in the MHMK Group, a Mauritian company reportedly linked to the George Manyere Family Trust, leaving ordinary investors empty-handed.
Afristrat’s collapse has become a major talking point in financial circles in both South Africa and Zimbabwe, where Manyere is well known for his boardroom roles and regional investments. Godwin Nyengedza, also from Zimbabwe and a director of Afristrat, is listed in court documents as one of the applicants in the liquidation process. Nyengedza, a lawyer by training, previously served as Afristrat’s company secretary.
No audited financial statements have been produced since 2022, and investors continue to demand answers.
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The post Zimbabwean Bosses Blamed After R2.3 Billion Vanishes As South African Investment Giant Afristrat Collapses appeared first on iHarare News.
