Another Van Niekerk Web Comes Unspun

Dave van Niekerk’s name is in the news again. This time the former GetBucks CEO is linked to a company called Status Capital. A newspaper report in Eswatini alleges that E82 million invested through Status Capital has been diverted outside the country without authorisation. According to the Times of Eswatini article, this was made “in an ex-parte application (without the knowledge of the other party) that was filed under a certificate of urgency, in which Status Capital Building Society wants an order compelling Swaziland Debt Factory Firm (SDFF) to return money invested by the building society”. [ihc-hide-content ihc_mb_type="show" ihc_mb_who="1,2,3,4" ihc_mb_template="1" ] It is said SDFF was in breach of agreements signed between the two by failing to account for the use of monies invested with it. According to the report, Status Capital’s compliance and Legal Officer Sanele Kunene told the court recently that Status Capital entered into a debentures agreement with SDFF on 1 st July 2020 for an investment amount of E67 293 700. Kunene said Status Capital was represented by van Niekerk and Claude Scholtz while a certain Marthinus Prinsloo represented SDFF. The report says in terms the agreement, SDFF was the issuer while Status Capital was the investor. “The first respondent is, as of October 31, 2022, in arrears in the amount of E82 228 794 29 and despite demand, refused to make payments or cede the security as provided for in the DA and Cession Agreement,” Kunene was quoted by Times of Eswatini as saying. Status Capital submitted that SDFF and its directors had diverted a great deal of funds to other countries other than Eswatini, fearing that more could be on their way out and thus making it impossible to recover its investment. Joseph Waring, Status Capital’s attorney, argued that the refusal by SDFF to comply with contractual obligations indicated that it was unable to pay its debts when due, which jeopardised the applicant’s investment. “The first respondent may, at any time due to the immense pressure by the applicant to disinvest, decide to close shop and apply for bankruptcy, to immense prejudice of the applicant.” As a result, the Times of Eswatini quoted Waring arguing that other creditors of the company may attach funds and assets which were contractually due to Status Capital. According to the newspaper, Status Capital wants the court to block the company from transacting, making and transferring any payments from its bank. Status Capital also wants the court to direct the company to submit its audited financial statements, tax clearance certificate, latest quarterly reports and an assurance report from an independent firm. Further, Status Capital wants the company to surrender its shares and loan books and to retrieve all funds invested outside the jurisdiction of Eswatini. The company also wants the court to compel the appointment of its nominated directors in line with the debenture agreements in place. Waring told court that SDFF refused to allow Status Capital to appoints its own directors to sit on SDFF board of directors. Michael Hodgkin, who is director at SDFF was former Getbucks Malawi Country Manager, says Times of Eswatini. [/ihc-hide-content]

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Another Van Niekerk Web Comes Unspun

In Eswatini, as in Botswana, the labyrinthine maze in much the same

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Another Van Niekerk Web Comes Unspun

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