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Ecsponent / MyBucks

  • MYBUCKS SA
    Ecsponent Limited was a major funder of MyBucks SA via ESW. This funding generated significant profit for Ecsponent Limited My Bucks board: Tim Nuy, Stiaan Dreyer, Byron Hennesey and CEO Dave van Niekerk.

  • Beginning of 2019 George Manyere drove false narrative that MyBucks and Getbucks subsidiaries could not service the indebtedness to Ecsponent. As solution Manyere suggests that the debt should be converted to equity in the form of MyBucks shares.

  • Manyere appoints Nuy to CEO of MyBucks.

  • DVN opposes conversion of debt to shares and is told to step down (26 March 2019) Manyere negotiates conversion.

  • Circular to shareholders dated 22 October 2019 MyBucks converts R240,000,000 of debt into MyBucks shares at EUR 1 per share.

  • Conversion plan approved by shareholders in November 2019. Share price E0,70 from EUR 6.

  • The terms of the conversion were contained in a DEBT RESTRUCTURING AGREEMENT See detail below:

From 2019 to 2020 through transactions orchestrated by George Manyere, ESW was denuded of its assets which included:

  • its claims against Ecsponent Holdings of E259 736 612 which was simply impaired at a time when Mr Manyere was in effective control of ESW;

  • and its claims against GetBucks Eswatini of ZAR171,480,203 which were assigned to ETS for no value for the purpose of converting this loan to shares in MyBucks for the benefit of Ecsponent.

  • and its claims against GetBucks Eswatini of ZAR171,480,203 which were assigned to ETS for no value for the purpose of converting this loan to shares in MyBucks for the benefit of Ecsponent.

  • The terms of this transaction were contained in a Debt Restructuring Agreement concluded between Ecsponent Group and MyBucks Group.

  • Part of this Debt Restructuring Agreement deals with the loan advanced to Ligagu Investments by ESW. (the Eswatini Facility Agreement)

  • Manyere drives down the value of the already vulnerable Ecsponent Limited and MyBucks SA aggressively and their assets are sold below market value to George Manyere and his acolytes.

  • Following the conversion of MyBucks SA’s indebtedness to Ecsponent, MHMK Group Limited (Mauritius), of which George Manyere was a director and shareholders, bought 100% of the shares in Ecsponent Holdings and thus owned 85% of ESW shares.

  • In June 2020 MHMK Group acquired Get Bucks Mauritius Limited for EUR26,5 million. GetBucks Mauritius and subsidiary FirstCred Limited (Botswana) therefore no longer formed part of the MyBucks SA group.

  • On 11 August 2021 the Botswana Gazette reported that FirstCred made BWP 53,7 million in profit and had acquired 52% stake in Finclusion Africa Holdings Limited – in which Nuy was involved.

  • The BWP 53,7 million profit was reported to be derived from an impairment of a related party receivable of BWP 67,5 million which had been recovered through FirstCred’s acquisition of Finclusion Africa Holdings in December 2020.

  • However 12 months later the High Court of Botswana found FirstCred to me insolvent and placed under judicial management

  • GetBucks SA rebranded as now “smartadvance South Africa” and is now part of Finclusion.

  • Ligagu and GetBucks Namibia were sold to a business called Finclusion Private Limited (Singapore) which is held by the former director of Mybucks SA and partner of George Manyere, Tim Nuy.

*Snapshot from the MHMK Investment Page

Step 1

Step 2 – Debt Rescheduling

Ecsponent Limited Eswatini  85%
owned by Ecsponent Holdings Eswatini

Ecsponent Eswatini Holdings 100%
owned by Ecsponent Limited (JSE)

ESW. Only had two entities it invested in being

  • Its holding co. Ecsponent holdings in which Ecsponent limited held 85%

  • By 2020 when Manyere had acquired Escponent all of the shares of ESW through enquiring Escponent holdings:

  • The E259 736 612 was simply impaired to E6 574 356.

  • The E 171 480 223 owed by Ligagu whose obligation to pay ESW had been delegated to GetBucks Eswatini was assigned to Escponent treasury services for conversion into equity in MyBucks as part of the debt restructuring agreement

  • The major investment made in MyBucks by Escoponent became valueless given:

  • The conversion of debt to equity at 1 Euro (when the shares were trading at E6 Euros)

  • The stripping of assets by Manyere & his acolytes

Subsidiaries

  • Ecsponent Credit Services (Pty) Ltd
    Ecsponent Financial Services (Pty) Ltd
    Lazaron Biotechnologies (Pty) Ltd
    ECS Automotive (Pty) Ltd
    Sanceda Collection Services (Pty) Ltd
    Ecsponent Management Services Ltd
    Ecsponent Treasury Services (Pty) Ltd
    Ecsponent Development Fund (Pty) Ltd
    Ecsponent Procurement Services (Pty) Ltd
    Ecsponent South Africa (Pty) Ltd
    Return on Innovation (Pty) Ltd
    Ecsponent Wealth (Pty) Ltd
    Ecsponent Evolution Fund (Pty) Ltd
    ECS Financial Holdings (Pty) Ltd
    ECS Private Equity Ltd (formerly Ecsponent Botswana
    Limited)
    Ecsponent Holdings (Pty) Ltd

Impaired

  • Ecsponent Financial Services (Pty) Ltd
    Ecsponent South Africa (Pty) Ltf
    Return on Innovation (Pty) Ltd
    Ecsponent Management Services Ltd

Operations

  • GB Malawi
    South Africa*
    Tanzania
    Poland
    OKL Kenya
    GetSure Botswana
    Australia
    Namibia
    GB Kenya
    Botswana
    NFB **
    Uganda
    VSS
    Mozambique
    Zambia
    Zimbabwe