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Court documents show he used large sums of investor money to bankroll personal indulgences – including gambling, international travel and luxury vehicles.
Anthonie Bougas reportedly channelled nearly R80m through a gambling account. Picture: YouTube
Anthonie Bougas, founder and director of the now-defunct KleuterZone franchise group, was officially sequestrated by the Pretoria High Court on Tuesday (3 June).
The court granted the final sequestration order following an application by Mathys Krog Attorneys, acting on behalf of the joint liquidators of KleuterZone Operations – Rikus Hartman and Susan Lapoorta.
The liquidation of KleuterZone Operations was made final on Wednesday 14 May.
Bougas, along with his parents, fled South Africa for Bangkok on 23 February amid the collapse of the nationwide nursery school franchise.
He did not oppose the sequestration of his personal estate.
ALSO READ: KleuterZone CEO provisionally sequestrated
The beginning of the end
Moneyweb began probing KleuterZone after being approached by concerned investors who claimed to have been promised exceptionally high returns – sometimes up to 72% – on what was portrayed as a fast-growing national chain of nursery schools.
Despite repeated requests, Bougas declined to provide financial statements, and it soon became apparent that the schools did not generate the income to support the investment returns promised.
Moneyweb also uncovered that share certificates were issued for companies that didn’t exist or whose registration numbers didn’t match.
Shortly after Moneyweb began publishing its articles, the scheme began to unravel as investors failed to receive the dividends they had been promised.
Evidence from ongoing liquidation proceedings points to an operation resembling a Ponzi scheme, where funds from new investors were used to pay existing ones.
ALSO READ: KleuterZone’s collapse: Parents of founder also facing sequestration
Gambling habit
Court documents submitted by the liquidators further reveal that Bougas used large sums of investor money to bankroll personal indulgences, including gambling, international travel and luxury vehicles.
According to a report by Rapport, Bougas channelled nearly R80 million through a gambling account, although the total amount may still rise as further bank statements are obtained.
The elaborate corporate structure of KleuterZone, which included numerous subsidiaries and trading entities, allowed Bougas – who was the sole director – to transfer money between the businesses freely, including into his own personal accounts.
This setup complicated the financial oversight and masked the redirection of funds.
ALSO READ: Another KleuterZone company in provisional liquidation
More to come
In addition to Bougas’s sequestration, the Western Cape High Court provisionally granted the sequestration of the joint estate of his parents, Rensche and Anton Bougas, who are married in community of property.
The application, brought by Hannes Muller and Madelein Kuilder – the provisional liquidators of KleuterZone (Pty) Ltd – alleges that the Bougas parents acted in concert with their son in attracting investor funds under false pretences.
In an affidavit, the liquidators argue that Rensche Bougas played a pivotal role in marketing the KleuterZone franchise and was key to sustaining the illusion of a thriving and profitable business.
Meanwhile, the liquidation process continues to unfold. So far, three companies linked to the KleuterZone group have been placed in final liquidation.
Two more are expected to return to court, on 4 and 11 June respectively.
The sequestration of the estate of Kobus Schoeman, KleuterZone’s former CEO, is also due for court consideration later this month.
This article was republished from Moneyweb. Read the original here.
