A WISE MAN CONFESSES HIS WRONG, A FOOL WILL DEFEND IT – TO WASH A DONKEY’S TAIL IS A WASTE OF SOAP AND WATER. 

The company had a destressed debt book as far back as 2017

Borrowing powers financials of 2018 in terms of the Memorandum of Incorporation of, the directors may exercise all the powers of to borrow money, as they consider appropriate, subject to the delegation of authority approved by the Board. The Board has passed a resolution to limit the Group borrowings to R500 million, excluding the liabilities related to the R5bn preference share programme, and provided the shareholders with written notice thereof. 

Investors acknowledge that “creative bookkeeping” is an apt description of what he and his counterpart George Manyere were engaged in.

In terms of section 66 of the Companies Act, the business and affairs of a company must be managed by or under the direction of its board, which has the authority to exercise all of the powers and perform any of the functions of the company. The directors are entrusted by the shareholders of with the ultimate responsibility for the functioning of the company. While some of the day-to-day running of the company is generally delegated to some level of management, the responsibility for the acts committed in the name of rests with the directors.

This lends the mind to questions about the Afreximbank “Borrowing”

Afreximbank: 18th February 2019. Sens Document -The board of directors of is pleased to announce that the company Ecsponent Limited has concluded a term sheet with the African Export-Import Bank (“Afreximbank”) for a R700 million dual-tranche medium-term loan facility.

This concluded loan has yet to be incorporated into the financial reporting. However, it is our contention that this loan was not correctly recorded and the application thereof is a major question. On application to the Reserve Bank of South Africa and South African Revenue Services, did they just lump this into a new established company to hide the fact that this loan was from “across boarders” Please refer to ECS Financial Holdings.

February 2019, they conclude a term loan to the value of R700 million.

2019 Balance Sheet/ Financial Report “Tertius de Kock the CEO and Auditor “The capital structure of the Group consists of debt, which includes the borrowings, preference share and note programme. The management tested the assumption applied as to whether the preference shares liability disclosed in the Statement of Financial Position should be considered as equity for the going concern. The Group has various investors including, ordinary shareholders, preference shareholders, listed bonds and debt funders; most of these investors are not related parties to the Group, and they do not have a significant influence over the Group and its strategic direction-

An intriguing aspect about how decisions were made revolves around the role of the company boards, and in particular what influence ‘shadow directors’ had over decisions.

Investors allege that the company together with key individuals within that corporate structure did not act with honesty and integrity as required, although it is conceded that investors cannot say that every cent of investor funds was misappropriated, the record keeping is and has been very creative.