AFRISTRAT INVESTMENT WISHES TO PROVIDE CLARITY AND DEFEND ITS REPUTATION

AFRISTRAT Investment, an African diversified financial services group, said yesterday that it wished to provide an update and clarity to the market regarding allegations and reports concerning members of the board and management of the company, while keeping the

JSE in the loop. It said it was aware that since the restructuring of the board of directors of Afristrat and the appointment of George Manyere as chief executive; the consequent institution of various forensic investigations; and the granting by the High Court of South Africa to the liquidators of VSS Financial Services – a subsidiary of MyBucks SA – permission to convene an inquiry into alleged financial mismanagement and accounting irregularities at VSS under its previous management, there had been a “concerted and planned strategy, to discredit the current management team, and taint the turnaround strategy of Afristrat.“This strategy includes but is not limited to the deliberate spreading of false news, intimidation through threats made against the board and management, the fabrication of fake email identities to distribute false news and attempts to unduly influence current and potential investors and other key stakeholders,” it said. Afristrat said it had spent significant resources rectifying the issues caused by the campaign, which detracted from the process of returning the group to profitability. |