Annual Financial Statements

From 31 March 2014 onward, ESW issued 13 prospectuses inviting investors to invest in a linked loan unit product. In return the investor was issued preference shares. ESW secured the investments against underlying assets of ECSPONENT LIMITED.
FSRA License was issued to ESW in January 2014 and January 2018.
From March 2014 to March 2020, ESW received investments in the linked loan unit product.
These funds were used to advance loan funding to Ecsponent
Holdings and Ligagu Investments. Regarding these loans, ESW’s
annual financial statements reflects the following:

31 March 2017: (Total liabilities to investors E109,199,977)

Ecsponent Holdings – E38,884,991
Ligagu Investments – E61,535,705 (Subsidiary of MyBucks SA)
30 June 2018: (Total liabilities to investors E250,473,712)

Ecsponent Holdings – E252,831,181
Ligagu Investments – E61,535,705 loans ceded to Ecsponent Holdings
30 June 2019: (Total liabilities to investors E 266,060,657)

Ecsponent Holdings – E259,736,612
30 June 2020: (Total liabilities to investors E 322,658,08)

George Manyere was appointed as director of ESW on 8 January 2020.
The ESW loan of E259,736,612 to Ecsponent Holdings was recorded as
impaired and unrecoverable.
ESW invested:
•E111,218,837 in its subsidiary (60%) First Cred Botswana
•E24,500,000 in Getbucks Eswatini (49% shareholding)
•E133,400,521 in Finclusion