adminMbuso Nkalakatha Chronicle Reporter
GEOZING Pawnbrokers Investment clients have engaged lawyers in a bid to have the company placed under judicial management.
The firm is currently under liquidation.
The development follows a meeting held last month between the clients, the liquidators and former Geozing Pawn Brokers director George Zingane during which the creditors unanimously voted to have the company placed under judicial management to recover their money.
Ben Hlatywayo, a representative of the group representing the clients, said all the necessary paperwork has been completed.
He said what was left was for their lawyer to file the application at the High Court.
“I can confirm that we have engaged a lawyer, although I am not at liberty to reveal their identity. The lawyers have compiled all the required documents for the application, which includes minutes of our last meeting as well as submissions from the liquidators, the Deputy Master of the High Court and Zingane,” Hlatywayo said.
He said the application would be filed at the High Court this week.
Geozing Pawnbrokers collapsed in April last year resulting in at least 4,000 investors losing thousands of dollars they had invested with the company.
During the last meeting, the liquidators said the company owed investors more than $6 million.
The company was promising to pay clients 30 percent interest per month on their investment.
Online Reporter