Afristrat is contravening the Companies Act

Financially-stressed JSE-listed financial services company Afristrat Investment Holdings Limited, which is awaiting judgment on an application to liquidate the company, has been operating in contravention of the Companies Act for more than 38 weeks. Afristrat announced the resignation of its external auditors Nexia SAB&T with immediate effect on 12 August 2022, and to date has failed to appoint new external auditors.

“The mere fact that the respondent [Afristrat] was merely temporarily suspended until such time as the audited financial statements are lodged with the JSE, is a clear indication of the isolated issue and the temporary effect thereof on the trading of the respondent [Afristrat] on the JSE,” he said in his affidavit. Bankruptcy Manyere said Afristrat’s exposure to MyBucks totalled R1.2 billion and despite all its efforts it had not been possible to save the MyBucks Group.

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