Introduction to Kleuterzone’s Financial Trouble
The liquidation process of the controversial Kleuterzone group has begun, with an appointed liquidator tasked to recover at least R130 million of investors’ money. This follows the High Court’s decision in Pretoria to place Kleuterzone Operations (Pty) Ltd. under provisional liquidation on Tuesday.
Additional Creditors Join the Case
On the same day, two additional creditors, Mishka Naidoo and Sesheni Nadesan Howes, successfully applied to be included as applicants in the case. They, along with another investor, Anita Susanna du Plessis (55) from Koster in North West, filed an urgent application to have the company placed under provisional liquidation.
Absence of Key Figures in Court
Notably, the company’s founder, Anthonie Bougas (32), nor any of his representatives, were present in court. Judge Sulet Potterill granted the order unopposed.
The Extent of Kleuterzone’s Financial Obligations
According to the application by Naidoo and Howes, Kleuterzone had at least 1300 investors, each of whom was required to invest a minimum of R100,000. “The financial liability assigned to the company is no less than R130 million… the true value could be higher, as several investors, including Du Plessis and other applicants, invested amounts exceeding R1 million,” the two applicants argued.
Investment Promises and Financial Struggles
Naidoo and Howes each invested R1.2 million into Kleuterzone. The investments were made based on promises of significant returns, which were expected to be paid out monthly before the 7th of each month. However, these payouts gradually dwindled to the point where, by March of this year, some of Kleuterzone’s nurseries could not even pay their rent or salaries.
Ponzi Scheme Allegations
Naidoo and Howes further claimed that “the entire scheme through which Bougas attracted investments displayed all the characteristics of a typical Ponzi scheme.” They emphasized that the situation was urgent, particularly as Bougas appeared to have fled to Thailand, a country with no extradition agreement with South Africa.
His departure echoed the case of Mirror Trading International (MTI), whose leader, Steynberg, also fled to Brazil, another country without an extradition agreement with South Africa.
Anthonie Bougas, Kleuterzone-eienaar, is al lankal lief vir dans, sonbaai en rook onder die Thaise son, waar hy glo ook tans uitspan.
— Rapport (@RapportSA) March 18, 2025
KYK DIE VIDEO HIER: https://t.co/oCCDKm0elg pic.twitter.com/SPlUgafUzI
Investor Fraud and Deceptive Promises
Bougas allegedly persuaded investors to contribute financially to the business while promising substantial and unrealistic returns. To meet the expectations of early investors, Bougas reportedly had to recruit new investors to generate the funds required for payouts.
Urgency of the Investigation
Advocate Zjaan Schoeman, representing Du Plessis, argued in court that it was clear Kleuterzone was in deep trouble. “The CEO, Kobus Schoeman, resigned. The founder, Bougas, cannot be located. It is evident that the company is a ship without a captain. An investigation must urgently be initiated to trace where all the millions have gone,” Schoeman said.
Schoeman also highlighted that Kleuterzone was already commercially insolvent, unable to pay dividends, rent, or other bills. He further argued that when a company operates in a fraudulent or unsustainable manner, it justifies the court’s decision to liquidate the company.
Lack of Legal Authority for Dividends
Schoeman added that Kleuterzone was a private company with Bougas as its sole director and, as such, was not legally authorized to sell dividends to the public.
Temporary Liquidation Order Issued
While Schoeman sought permanent liquidation, Judge Potterill declined the request, instead issuing a provisional order. This means Bougas and Kleuterzone have until May 14 to provide reasons why the order should not be made permanent.
Bougas’ Silence on Inquiries
Bougas did not respond to any inquiries on Tuesday, leaving the investigation’s next steps uncertain.
Conclusion
The Kleuterzone saga continues to unfold, with investors hoping to recover their substantial financial losses. As the court proceedings progress, the extent of the company’s mismanagement and fraudulent activities will likely be further exposed.
