adminCourt Reporter HUNDREDS of Geozing Pawnbrokers Investment clients yesterday thronged the 2,000-seater Bulawayo Amphitheatre for a meeting where they demanded an audience with George Zingane, the former proprietor of the company before any resolution can be made.
The meeting, which was called by the Deputy Master of the High Court and the liquidators, was meant to chart a way forward and come up with resolutions pertaining to the assets of the company.
There were suggestions for the assets to be sold or for the creditors to run the company but the clients quickly interjected demanding answers from the man himself. Geozing Pawnbrokers Investments was placed under liquidation following the granting of a High Court order by Justice Martin Makonese which confirmed prominent lawyer Matshobana Ncube and Philip Ndlovu as liquidators.
Zingane and his wife Duduzile Ndlovu ceased to be directors of the company following the judgment. They did not attend yesterday’s meeting. “We want Zingane to come and meet us. We have questions that we want to ask him pertaining to our monies before anything can be done,” bellowed one of the clients from the crowd.
The Deputy Master of the High Court, R Antonio, had suggested that some assets be sold, adding that some cars were attracting monthly charges of about $600 where they were being kept but the creditors would not give in. It was resolved that all processes be frozen until Zingane makes himself available to meet “his clients.”
The liquidators resolved that they would bring him sometime next week for another meeting to be advertised in the Press. The clients seemed determined to meet Zingane, as they agreed to the suggestion that he would attend next week’s meeting. “We were supposed to meet investors and the Deputy Master to chart the way forward on whether to sell everything or form another company.
Our resolution was that we will meet Zingane next week before we start talking about what to do,” said another client after the meeting. The Deputy Master and the liquidators have in the past told clients that they were having challenges identifying some of the properties under Geozing Pawnbrokers Pvt Ltd, as Zingane and his wife allegedly bought some assets in their own names using clients’ money. The clients have also said they were aware that Zingane was hiding some assets, probably the reason why they want to meet him.
There are close to 4,000 names of clients that have been confirmed so far. Geozing Pawnbrokers collapsed in April resulting in hundreds of investors losing thousands of dollars invested with the company. The company was promising to pay 30 percent interest on investment per month.
Online Reporter