The Luxembourg tax authorities place FinTech player MyBucks in liquidation

MyBucks. Image source – Africa Business Communities

MyBucksa FinTech company owned by JSE side Afristrathas been put into liquidation by the Luxembourg tax authorities or the State of the Grand Duchy of Luxembourg.

“While MyBucks had previously taken steps before the courts to prevent MyBucks from being declared bankrupt, the Luxembourg court concluded the case and confirmed the application for bankruptcy,” Afristrat informed Wednesday. investors.

“MyBucks has the right to appeal this matter and is considering its options in this regard.”

Afristrat added that the bankruptcy of MyBucks could have an impact on the company’s finances, the extent of which is currently being determined, and which could have a significant effect on the price of its securities.

In addition, Afristrat’s Board of Directors concluded an analysis of MyBucks regarding its financial situation, which resulted in the realization that the future prospects of MyBucks as an investment vehicle were not sustainable and would not provide any realistic recovery value for Afristrat in the future.

Subsequently, Afristrat said its board had begun a strategic review to rebuild the value of MyBucks’ two remaining assets and recapitalize Afristrat, in order to rebuild its financial services and banking division.

“This led to the strategic abandonment of MyBucks as Afristrat’s main investment.”

Global FinTech player with South African roots

The FinTech company has grown exponentially since its inception in 2011 and is now present in nine African countries and two European countries. In June 2016, MyBucks became the first African FinTech company to list in Germany and began listing on the Frankfurt Stock Exchange.

Read also : MyBucks delists from the Frankfurt Stock Exchange and sells assets

The African FinTech company was founded by South African-born Dave van Niekerk, through its brands GetBucks, GetBanked and GetSure, offers unsecured consumer loans, banking solutions as well as insurance products to customers .

Also read: MyBucks Probe Fingers Executives at VSS South Africa as Empire Crumbles

Frames at VSS Financial Services of South Africa (VSS), a wholly-owned subsidiary of Frankfurt-listed fintech and African banking group MyBucksare in hot water after a probe touches them financial irregularities

MyBucks has opened a forensic investigation into the transactions of VSS, which is currently being liquidated.

The company said it recently received the forensic report from Kahamelo Forensic Services.

“The findings warrant, in the Board’s view, that MyBucks should, along with other affected parties and stakeholders, consolidate their resources to pursue justice and seek redress from those individuals whom the report clearly identifies as having harmed VSS. and its stakeholders,” the FinTech company informed investors on Friday.

“MyBucks believes that certain former directors and officers, as well as certain service providers, should be held accountable for the evident lack of corporate governance, as well as financial mismanagement, accounting irregularities and failure to act in the best interests of the company and its stakeholders. ”

majority shareholder of MyBucks, Afristrat Investment Holdings Limitedagreed to collaborate in the process.

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