adminis how can we allow a national association to become one man’s shop.
For all his good intentions, I think Cuthbert Dube is in serious error. I am lost to the explanation of how an organisation can become so indebted to one individual.
Does Zifa have a resolution of such borrowings?
Does Buymore have board resolutions for such levels of lendings to one client who does not seem to have the ability to pay?
Are the directors not failing in their fiduciary duties to keep on lending money to a defaulting client?
And when these decisions are made either by the Zifa board or by Buymore Investments, is Dube recused since he might end up acting as both the lender and borrower?
If Zifa is so indebted to one person, is this organisation solvent?
I really wonder how the said decisions are made.
Zifa repays US$28 612.00 on the 26th of July and borrows US$2700 on the 27th, US$2735 on the 29th, another US$500 on the 29th and US$3480 on the 31st of the same month.
Zifa again repays US$8000 on the 16th of August and borrows US$1300 on 18th of August.
Why does Zifa pay today to borrow tomorrow?
Are these expenditures spontaneous?
The money Dube has used is so much (in excess of US$500000), he is entitled to be a shareholder in Zifa and we might as well ouncilor Zifa and do a debt-equity swap.
This brings me to my second point.
Whilst I am not sure of the purity of Gift Banda, I do not agree with Dube when he says he “can’t reconcile how Zifa board members, who receive sitting allowances paid from his private business . . .
can now turn around….”
This I think is dangerous on the Zifa President’s part.
Is he implying that because he is loaning Zifa, he should not be questioned, is he implying that he owns the said board members because he is loaning their organisation monies?
Banda might have erred to challenge Dube when he was threatened with losing “sitting allowances paid from {Dube’s} private business…” but all the same for the board to be functional he is expected to sometimes respectably challenge the President of the association.
There is no need for a board if all members are so insecure that they will keep quiet in board meetings.
And Dube should know that Buymore’s client is Zifa and not his fellow board members.
He is not correct to say or imply that he is paying board members, Zifa is paying its board members sitting allowances and staff salaries albeit by borrowing money from Buymore whose major shareholder happens to be the president of Zifa.
Unfortunately for Dube, his generosity might be very expensive to Zifa and his fellow board members.
How will reasonable councilors ask the man they owe US$550 000 to step down should it become necessary, or how could they have not voted for him knowing fully well the owed him about US$300 000.
Now that we are saying this, I am afraid Dube will also think we also are ungrateful.
The Zifa president should not think that we are very ungrateful for his sacrifices but we have serious concerns. He should soldier on, though, because the organisation looks like it’s getting better.
Shepherd Mudzingwa can be contacted at [email protected]
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