African venture firm, 54 Collective, forced into liquidation over misused grant
- The South African High Court provisionally liquidated 54 Collective following allegations of serious financial misconduct.
- The Mastercard Foundation disbursed over $42 million to the firm, which was initially registered as Africa Founders Ventures NPC.
- The court froze accounts at Nedbank, Standard Bank, and Investec due to concerns over improper fund transfers.
The situation surrounding 54 Collective raises serious concerns about financial governance and accountability in charitable organizations. The allegations of misconduct and the subsequent court ruling highlight the need for stricter oversight and transparency in the management of charitable funds, especially when they are intended to support non-profit initiatives.
