adminSifundiso Ndlovu Chronicle Reporter
GEOZING Pawn Brokers Investments, a Bulawayo company that fleeced about 4,000 investors of millions of dollars last year, has bounced back and has since opened a new office in the city centre.George Zingani and his wife Duduzile Ndlovu ran a pyramid scheme where people invested their money with the hope of getting 30 percent interest on their investments every month. The scheme collapsed in April 2013 leaving thousands of its investors stranded.
Yesterday, the company’s judicial manager Thabani Siziba said their new offices were opened to service creditors.
“Creditors had difficulties locating us. Some had failed to register their claims. We hope they will take advantage of the new office to properly register in order for them to recover their money,” she said.
Siziba confirmed that a commission of inquiry set up in June this year to investigate reports that some of the Geozing properties had not been declared had begun its work.
“Although I can’t give detailed information, the inquiry has begun its work and we are pleased with the progress so far,” she said adding that the report of the inquiry would be out by the end of next month.
“It’s in its early stages but I’m sure that that by the end of September the commission would have completed its work.”
Yesterday, the city centre was littered with leaflets announcing the opening of the company’s new offices. Creditors are reportedly owed about $6 million against declared assets estimated at about $3 million.
The company was initially set for liquidation but creditors agreed to place it under judiciary management after discovering they would be paid four cents for every dollar invested as the company assets are not adequate to cover the debt.
Two months ago, the company’s creditors agreed that the firm should be resuscitated so that it pays back their monies. In the same meeting the company was formally placed under judicial management in a bid to recover lost funds and properties.
derick.khumalo