Luxembourg (pta023/08.09.2020/12:05) - Luxembourg, September 08th, 2020 - Frankfurt-listed fintech and African banking group MyBucks S.A (the "Company") today announced that the board of directors of the Company (the "Board") wishes to advise shareholders that it has received a letter and a copy of a forensic accounting report from a significant shareholder, Ecsponent Limited ("Ecsponent"), in respect of certain matters around the Company's wholly owned subsidiary VSS Financial Services Proprietary Limited ("VSS").
The Company notes that Ecsponent invested, on 3 January 2018, ZAR 100 million into VSS by way of an issue by VSS of redeemable preference shares (the "Investment") which investment was announced on 3 January 2018 on SENS (the applicable regulatory announcement forum of Ecsponent).
Shareholders are advised that the Board has been informed in writing by Ecsponent that:
* after completion by it of an internal investigation, it instituted an independent forensic investigation into possible misrepresentation on the merits and purpose of the Investment at the time of the initial investment proposal, which Ecsponent feels may have resulted in financial loss to Ecsponent; and
* based on recommendations from the forensic investigators and legal representation obtained from the external legal counsel of Ecsponent, its board of directors has instructed its legal counsel to institute legal action against certain parties whom Ecsponent believes are potentially liable to it for actions taken by them that have resulted in possible losses to Ecsponent.
MyBucks does not make comment on the view of Ecsponent or the report or advice that it has received.
It hereby notifies shareholders that it will investigate all allegations thoroughly including arranging itself for an independent forensic investigation into the relevant matters and will disclose further details once such investigation has been completed.(end)
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|contact person:||Craig Lyons|
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