Ecsponent, MyBucks: George Manyere, entrepreneur and turnaround specialist, unpicks multinational’s tangled web

Last year, the Financial Sector Conduct Authority suspended Ecsponent Financial Services for breaches of financial sector laws following complaints about how the company had marketed the preference shares of JSE-listed Ecsponent limited to potential investors. Independent financial advisor Magnus Heystek, of Brenthurst Wealth Management, was among those who signalled that returns seemed to good to be true. Many pensioners were sucked into the investments, only to find themselves in dire straits when Ecsponent defaulted on payouts to preference shareholders. Ecsponent is still listed on the Johannesburg stock exchange, but it has changed its name to Afristrat. Ecsponent or Afristat is part of a global network of companies, including a company called MyBucks. This week the Bank of Zambia ordered a Zimbabwean entrepreneur George Manyere to exit MyBucks Zambia after violating banking rules. BizNews editor at large Jackie Cameron spoke Mr Manyere, a key figure in the Ecsponent organisation for his take on what’s going behind-the-scenes - and what this all means for individuals who invested in Ecsponent preference shares. Learn more about your ad choices. Visit megaphone.fm/adchoices