KleuterZoneS Troubles Deepen: Investors and Landlords Left Waiting

KleuterZone, a national nursery franchise promising substantial returns, faces mounting challenges as investors report missed dividend payments and landlords await overdue rent. The situation is complicated by the departure of founder Anthonie Bougas and the involvement of former CEO Kobus Schoeman, despite his prior resignation.

Dividend Payments Delayed, investors Anxious

Investors in KleuterZone are growing increasingly concerned after promised dividend payments failed to materialize by March 10. Eight investors confirmed they “have not received a cent of their promised dividends for March,” despite the company’s commitment. These payments are typically received around the 7th of each month, adding to the anxiety surrounding the situation. This failure to deliver on promised returns raises serious questions about the financial stability and business practices of KleuterZone, potentially impacting investor confidence and future prospects.

• Missed Payments: Investors report non-receipt of March dividends.
• Usual Payment Date: Dividends typically arrive around the 7th of each month.
• High Return Promises: KleuterZone advertised annual returns of up to 62.4%.

Landlords seek “Patience” Amidst Unpaid Rent

Adding to the financial strain, landlords renting properties to KleuterZone have also experienced payment delays. They received a message requesting “patience” due to a “media attack” and Bougas’s absence. The message stated, “Dear landlord, we kindly ask for your patience and understanding regarding KleuterZone’s rent. We are currently facing a media attack,and as you are aware,the director is unavailable. We sincerely request an extension while we work on resolving these challenges.” This situation is notably concerning, as it suggests a broader financial instability within the company, impacting not only investors but also essential service providers.

One anonymous landlord shared that she “had never received the rent on time in the past year,” and “at times, they skipped payment for two or three months,” resulting in “thousands of rand in lawyer fees.” She further stated that KleuterZone owes her “between R20 000 and R25 000 for leasing the property and utilities for March” plus “the overdue R11 000 from previously.”

Leadership Vacuum and Potential Sale

The absence of Anthonie Bougas, who reportedly left South Africa for Bangkok on February 23, has created a leadership vacuum. Former CEO Kobus Schoeman, despite resigning on february 20, due to being struck off the roll as an attorney in 2018, has stepped in to manage day-to-day operations. Schoeman said the incident that led to his removal involved stolen trust money, but “maintained that he was innocent.”

Schoeman claimed,”We have found a buyer – a large firm – willing to take over the KleuterZone group. They requested a lot of figures from us over the past six or seven days. the last figures were given to them last night [Monday night].” He assured investors that the potential takeover “will be a total takeover – the assets, liabilities, and investors. So, the investments will also be sorted out.” The outcome of these negotiations was expected Wednesday afternoon, March 12.

However, attempts to reach Schoeman for confirmation have been unsuccessful.

Legal Representation Withdraws

Adding another layer of complexity, Bougas’s attorney, Frederick van Zyl, terminated his services, stating, “Kindly be advised that we terminated our clients’ mandates this morning with immediate effect. The cancellation relates to all KleuterZone entities and Mr. Anthonie Bougas. all future enquiries relating to any KleuterZone entity or its representatives should be directed at Mr. anthonie Bougas.” This sudden withdrawal raises further questions about the legal standing of KleuterZone and its future operations.

Conclusion: A Precarious situation Demands Scrutiny

KleuterZone’s failure to meet financial obligations, coupled with leadership instability and legal complications, paints a concerning picture. Investors and landlords are rightfully anxious, and the proposed sale of the company adds another layer of uncertainty. As the situation unfolds, stakeholders should seek legal counsel and closely monitor developments.Due diligence is paramount for anyone considering investing in similar ventures. Stay informed and exercise caution.