adminLeonard Ncube Court Reporter
FIREWORKS are expected tomorrow when George Zingane meets his clients for the first time since the collapse of his pawn broking firm, Geozing Pawnbrokers Pvt Ltd, eight months ago.The meeting comes as liquidators of Geozing Pawnbrokers have uncovered more properties, including cars, mines and stands owned by Zingane and his wife Duduzile Ndlovu.
The properties, according to a court application by prominent lawyer Matshobana Ncube and Philip Ndlovu — the liquidators — are movables which include more than 30 cars, some of them state-of-the-art and a number of immovable assets.
The immovable assets are buildings at number 120, 120A, 120B and 120C along Jason Moyo Street in Bulawayo, stands 13111 and 13112 in Romney Park, 305 Oregon Avenue in Newton West, stands 115-119 Mawabeni about 60 km along Bulawayo-Gwanda road and Bayethe Mall, which is still an undeveloped stand.
Number 12C of Farm 12 Matsheumhlophe, Lot 1A Rangemore Lovendale, Simunye Bottle Store in Matshetshe in Gwanda together with three mines complete the list of the properties identified so far.
The mines are Luzing Mine where Zingane is believed to be a shareholder, Atlas Mine where he is named as an intended sponsor and two registered claims at Turk Mine.
Last month other assets-which include 28 vehicles-some of them state-of-the-art, a heavy duty mining compressor, two more compressors, five generators, a grinding mill and number 303 Newton West, were unearthed resulting in the liquidators making a court application for an order to deal with the assets as Geozing property.
The liquidators and the Deputy Master of the High Court have in the past expressed concern that they were failing to identify properties as pressure from clients who are seeking to recover their money which they invested in the company continues to mount.
Clients, who are now creditors, have said they were aware that Zingane and his wife bought assets in their names using investors’ money which they were hiding from liquidators.
In the application, Ncube and Ndlovu submitted that they would seek more court orders once more properties are identified so that they could pay creditors their monies.
“There are still some assets that we are still trying to identify and verify. We pray for an order authorising us as liquidators to deal with the above assets as if they were assets of Geozing Pawn Broking Pvt Ltd,” said Ncube and Ndlovu in the application which has not been set down for hearing.
Geozing Pawnbrokers collapsed in April this year resulting in hundreds of investors losing thousands of dollars invested with the company. The liquidators said this was contrary to law and good corporate practice as the pyramid scheme was accepting people’s money and promising to pay 30 percent interest on investment per month.
There are close to 4,000 names of clients that have been confirmed so far and fireworks are expected tomorrow when Zingane meets his clients for the first time since the collapse of the pyramid scheme in April.
Hundreds of clients, now creditors, last week demanded an audience with Zingane before any resolution can be made. The meeting had been called by the Deputy Master of the High Court and the liquidators to chart a way forward and come up with resolutions pertaining to the assets of the company.
Instead, the clients demanded a meeting with Zingane, and the Deputy Master and the liquidators acceded. In a statement yesterday, the liquidators confirmed tomorrow’s meeting.
“To all creditors and members of Geozing Pawn Brokers under liquidation, notice is hereby given that the Deputy Master of the High Court has arranged as per request from the creditors a meeting with George Zingane.”
The meeting will be at the 2,000-seater Amphitheatre at 8.30am. As the drama unfolds, Zingane yesterday made an application at the High Court through Dube-Banda, Nzarayapenga and Partners where he disputes that he had been evasive and accused the liquidators of failing to execute their duties.
Said Zingane in the answering affidavit: “My pecuniary interest as a powerless director and shareholder didn’t cease. It is common cause that creditors want answers and are not satisfied with the work of liquidators.
“In the last meeting they requested that I come forward and shed light on how they will be paid back their money. This shows that creditors still look at me personally and hold me personally liable for paying them. I dispute allegations that I have not been cooperative and evasive, but liquidators have failed to display sufficient vigour in the discharge of duty. They have painted a picture of doom.”
Online Reporter