Latest news with #KleuterZonePtyLtd
The Citizen
08-05-2025
- Business
- The Citizen
KleuterZone CEO provisionally sequestrated
Kobus Schoeman received more than R2.6m in payments over 10 months in addition to his salary, say liquidators. KleuterZone's Kobus Schoeman continued to disseminate misleading messages to investors, even after reports that the franchise defaulted on dividends. Picture: KleuterZone website The personal estate of former KleuterZone CEO Kobus Schoeman was provisionally sequestrated on Wednesday (7 May). He did not oppose the application. Schoeman declined to comment on the matter, stating to Moneyweb that he may do so at a later stage after consulting his legal representatives. He is the second high-profile individual in the KleuterZone franchise to be provisionally sequestrated, following the sequestration of founder Anthonie Bougas's estate on 8 April. Bougas's parents, Rensche and Anton, are also facing provisional sequestration. They must give written notice of their intent to oppose the application by the end of Thursday (8 May). ALSO READ: KleuterZone's collapse: Parents of founder also facing sequestration Schoeman's sequestration application Hannes Muller and Madelein Kuilder, joint provisional liquidators of KleuterZone Pty Ltd, argued in their 17 April affidavit to the Western Cape High Court that Schoeman's conduct as CEO raised concerns about fund misappropriation, investor money abuse, and ongoing unlawful activity post-liquidation. They detail Schoeman's continued involvement in KleuterZone's affairs even after its provisional liquidation on 26 March 2025. According to the affidavit, Schoeman misappropriated funds and improperly disposed of assets and has continued to dissipate funds through third parties, including his immediate family members. A review of the financial records shows that in addition to receiving a declared salary of R60 000 per month as CEO of KleuterZone, Schoeman received total payments amounting to more than R2.6 million between April 2024 and February 2025. ALSO READ: Another KleuterZone company in provisional liquidation Payment for 'legal services' The payments included sums invoiced for 'legal services' rendered to KleuterZone, although Schoeman was disbarred as an attorney in 2018. 'The absence of proper documentation substantiating the services rendered, combined with his ineligibility to practice … evidences the legitimacy of the misappropriation of investor funds.' The liquidators further note that Schoeman used his children as financial conduits to 'conceal the flow of misappropriated funds'. Between June 2024 and February 2025, over R490 000 was transferred to Schoeman's bank account from his son's account. Additionally, R301 000 was deposited into his account from his daughter's account. Moreover, on 7 and 8 March this year, soon after the first reports about KleuterZone's financial viability were published, Schoeman transferred R400 000 and R600 000 to the bank account of his mother-in-law. 'No documentation has been offered as to the basis on which she would be entitled to such large amounts.' ALSO READ: KleuterZone share certificates reference companies that do not exist Misleading investors According to the liquidators, Schoeman continued to disseminate misleading messages to investors, even after reports that KleuterZone had defaulted on dividend payments. '[After] it became evident that the company was both factually and commercially insolvent and unable to meet its obligations … [he] continued to portray the company as solvent and on the verge of recovery.' The liquidators note that on 1 March, Schoeman sent correspondence to two investors in which he promoted additional investment opportunities in KleuterZone schools. ALSO READ: Bougas estate provisionally sequestrated Provisional liquidations So far, five of the KleuterZone management companies have been placed into provisional liquidation: KleuterZone Pty Ltd; KleuterZone Operations; KZ Ventures; KleuterZone Empowerment; and KleuterZone Holdings. The liquidation of ABS Productions, Bougas's company known for producing promotional films, music videos, and event videography, has been finalised. This article was republished from Moneyweb. Read the original here.
The Citizen
07-05-2025
- Business
- The Citizen
KleuterZone's collapse: Parents of founder also facing sequestration
Liquidators say Rensche and Anton Bougas worked 'in concert' with their son Anthonie. The joint provisional liquidators of KleuterZone Pty Ltd, argue that the parents of Anthonie Bougas 'benefitted substantially and unjustifiably' from the financial resources of KleuterZone to the prejudice of its creditors. Picture: Moneyweb The parents of the embattled KleuterZone founder, Anthonie Bougas, are now also facing the sequestration of their estate. Bougas's mother, Rensche, was a senior manager at KleuterZone. In this position, she was responsible for marketing and organising open days and public relations events. Hannes Muller and Madelein Kuilder, joint provisional liquidators of KleuterZone Pty Ltd, argued in an affidavit to the Western Cape High Court that Rensche Bougas benefited substantially and unjustifiably from Kleuterzone's financial resources, to the prejudice of its creditors. Rensche and Anton – Anthonie Bougas's father – are married in community of property, and their respective estates are merged into a single, joint estate. The application will be heard in the Western Cape High Court on 21 May. If granted, they would not be allowed to access their respective or joint South African bank accounts. The estate of Anthonie Bougas was provisionally sequestrated on 8 April. Moneyweb initiated an investigation into KleuterZone after receiving alerts from worried investors who had been promised returns as high as 62.4% from what was claimed to be a national nursery school franchise. The nursery school franchise, founded by Anthonie Bougas, who has since fled to Bangkok, Thailand, operates through a complex network of various trade names and subsidiaries. ALSO READ: Are KleuterZone's promised returns of up to 62.4% too good to be true? The financial transactions of these subsidiaries were opaque and challenging to trace. Within a few weeks of investigation, it became evident that the schools were not generating sufficient income to justify such high returns. Moneyweb ascertained that share certificates were issued for non-existent companies or those with mismatched registration numbers. In March, KleuterZone failed to pay dividends to investors who came forward to say they had not received a cent of their promised dividends for March. The scheme has since collapsed. ALSO READ: 'Schools were recklessly managed' – former KleuterZone employee Parents acted 'in concert' with their son The liquidators argue in the court documents that both parents were instrumental in the dissipation and concealment of funds misappropriated from KleuterZone and that they acted 'in concert' with their son Anthonie, who channelled investor funds through the company under the guise of investment opportunities. Anthonie Bougas orchestrated a scheme in which payments were dissipated from KleuterZone accounts to those of family members and acquaintances, with the specific instruction that these funds be redirected to him through digital platforms, such as Wise. Wise is a payment platform that facilitates international money transfers. ALSO READ: Bougas estate provisionally sequestrated Absconded to Thailand Both parents reportedly fled South Africa with Anthonie in late February and relocated to Thailand. (Rapport newspaper recently reported that the Bougas family was in Indonesia to celebrate Anthonie's birthday.) 'The respondents most likely departed Thailand due to the expiration of their temporary visas, which, according to Thailand's immigration law, only permit a stay of 30 to 60 days unless formally extended,' the liquidators note. 'The respondents are not only evading local jurisdiction, but also continuously repositioning themselves to remain one step ahead of legal proceedings and service.' The family will most likely return to Thailand within the next month, 'reinforcing their pattern of calculated evasion and transient movement'. In the affidavit, the liquidators argue that although the parents have 'absconded', their estate is situated within the jurisdiction of the Western Cape High Court and the liquidators are therefore entitled to institute sequestration proceedings against them. ALSO READ: Bougas threatens businessman Maintaining the façade of profitability The liquidators note that from March 2023 to February 2025, Rensche Bougas received amounts totalling over R1.9 million arising from payments made to her as a senior employee. 'These payments were made despite the financial distress the company was in, with no commercial basis to justify it.' Rensche Bougas, in her role as marketer of the KleuterZone franchise, was 'instrumental' in maintaining the façade of a profitable business. 'The company's downfall was not merely a result of financial mismanagement but was also fuelled by a deliberate effort to deceive investors and creditors about the company's true financial state.' Since 2023, KleuterZone has engaged in aggressive marketing campaigns, amounting to more than R14 million, featuring paid-for interviews on television and radio stations, social media campaigns, and advertorials on mainstream online media platforms. The liquidators claim in their affidavit that KleuterZone's aggressive marketing tactics were designed to attract new investors who were 'lured' by the company's apparent success and growth. 'The company was portrayed as a thriving business with an expanding network of educational institutions. This image was, in reality, a smokescreen designed to distract from the company's underlying financial instability.' ALSO READ: KleuterZone share certificates reference companies that do not exist More bank accounts? The liquidators note that they received only a limited number of bank statements from the entities and subdivisions within the KleuterZone franchise. The full extent of Rensche Bougas's financial dealings is opaque, as they do not know how many bank accounts are held in the names of the Bougas parents – locally or offshore. In addition, no bank statements belonging to Anton Bougas were made available. Therefore, the liquidators cannot determine how much was paid into the father's bank account, or whether money was laundered or diverted offshore. In the affidavit, the liquidators request that the court order Rensche and Anton Bougas to fully disclose all assets, documents, and financial records, including actions that may indicate fraudulent preference or concealment of assets. Rensche and Anton Bougas must give written notice of their intent to oppose the application by Thursday, 8 May. Moneyweb could not reach Rensche Bougas for comment on the sequestration application. The article will be updated if her responses are received. This article was republished from Moneyweb. Read the original here.
