The MyBucks insolvency timeline is a fight over accountability, not accounting

The argument over when MyBucks became insolvent has hardened into a proxy war over who was in control as losses mounted and, ultimately, why ordinary investors ended up eating the damage. Former CEO Dave Van Niekerk insists the group was financially viable when his team exited in March 2019, but liquidators, counterparties and litigation filings suggest MyBucks may already have been “functionally insolvent” under his watch-an interpretation made harder to dismiss by the company’s eventual bankruptcy in Luxembourg in February 2022 and Ecsponent’s R1.5 billion write-off on its MyBucks equity exposure, losses that flowed through to noteholders. The dispute is inflamed by allegations of subsidiary-level depletion and intra-group movements, and by a claimed €41.8 million negative equity figure, yet the article’s central point is that the decisive evidence remains frustratingly out of public view: the referenced CDH forensic report, Luxembourg bankruptcy petition details and creditor schedules, and inquiry transcripts that could map authority, transfers and timing. Until those records are produced and reconciled with what management and regulators knew and when, the saga will remain dueling narratives-while the real public-interest question, who made the decisions that mattered between March 2019 and February 2022, goes unanswered.