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Business Reporter
GEOZING Pawn Brokers Investments, a Bulawayo company that swindled thousands of its clients their money in 2013, has bounced back after obtaining a licence to resume operations. George Zingani and his wife Duduzile Ndlovu ran Geozing, a pyramid scheme where people invested their money with the hope of getting 30 percent interest on their investment every month.
The firm collapsed in April 2013 resulting in hundreds of investors losing thousands of dollars in the company.
The company has been locked in a series of battles with hundreds of its clients who have made several court applications seeking to recover their savings.
The company’s provincial judicial management, Thabani Siziba, said Geozing has opened a pawn broking shop in the city in a bid to raise capital.
“Creditors are being advised that Geozing Pawn brokers (Pvt) Ltd core business of pawn broking is now fully licensed and operational,” said Siziba.
“A Geozing Pawn broking shop, under judicial management has been opened within the city centre of Bulawayo and is expected to go a long way in the repayment of its creditors.”
Siziba said the firm has managed to pay out monies to some of its estimated 4,000 creditors and that it will continue paying the remaining ones from funding collected from running projects.
The firm was running projects in mining, poultry, milling and a retail arm.
The projects “have since created an opportunity in the paying off some creditors as from November 2014”.
Siziba could not be drawn to disclose how much has been paid and the balance saying that could only be done with approval from the Master of High Court.
“Plans are underway to set a date for a meeting to make sure that all outstanding claims have been confirmed. We’re optimistic that the payments will be more often despite the economic hardships being faced by any entrepreneur in the country,” Siziba said.
Further confirmation of claims is expected to done after the finalisation of the opposed judicial management case, which is to be heard on June 18, 2015 at the High Court in Bulawayo.
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