The 54 Collective liquidation has been provisionally ordered by a South African High Court, following allegations of serious financial misconduct and a “blatant disregard for the law” from the Mastercard Foundation. Court documents seen by Condia reveal that the misconduct relates to a $106.5 million charitable grant.
The Foundation had disbursed over $42 million to the firm, originally registered as Africa Founders Ventures NPC (AFV), across 2023 and 2024.
The provisional liquidation order implies that an independent party will now take over the company’s affairs while the court decides if it should be permanently shut down. The court also froze more than a dozen accounts held at Nedbank, Standard Bank, and Investec, citing…