Bougas estate provisionally sequestrated

The personal estate of Anthonie Bougas, founder and director of KleuterZone, was provisionally sequestrated on Tuesday (8 April).

Bougas, who fled to Bangkok in Thailand on 23 February when the national nursery school franchise started collapsing, has not opposed the provisional sequestration or the provisional liquidations of KleuterZone Operations or KZ Ventures as yet.

ALSO READ: Another KleuterZone company in provisional liquidation

KleuterZone Operations was provisionally liquidated on 18 March, and on Friday, the Western Cape High Court granted an order for the provisional liquidation of a second KleuterZone company – KZ Ventures.

Rikus Hartman and Susan Lapoorta, joint provisional liquidators of KleuterZone Operations and KZ Ventures, argued in their sequestration application that Bougas has “systematically siphoned millions of rands from KleuterZone into his personal and family accounts over several years”.

“These misappropriations [warrant] immediate sequestration to prevent further asset dissipation … Without sequestration there is a substantial risk that remaining assets will be further depleted or concealed.”

ALSO READ: Regulators have once again failed South Africans – KleuterZone exposed them all

The provisional sequestration that was granted means that Bougas will not be able to access his South African bank accounts or trade through any of KleuterZone’s companies.

The return date for the final sequestration has been scheduled for 3 June in the Pretoria High Court.

This article was republished from Moneyweb. Read the original here.