adminNqobile Tshili Chronicle Reporter
GEOZING Pawnbrokers’ former director George Zingani yesterday came out a happy man after meeting creditors who turned against liquidators and requested that the company be put under judicial management. Zingani came face to face with his disgruntled clients for the first time since the collapse of his pawn broking firm, Geozing Pawnbrokers Pvt Ltd, eight months ago.
The composed, confident and eloquent Zingani publicly apologised to the nearly 500 clients who attended the meeting at Bulawayo Amphitheatre.
He pledged to pay them back their monies.
“I apologise for the inconveniences the company caused you. I know some of you lost their houses, cars and other properties,” said Zingani as a surreal mood gripped the large audience. He continued: “We can work together to map a way forward but it is up to you to decide how we do it.”
Instead of the expected fireworks, Zingani convinced his clients that putting the company under judicial management was the best option to guarantee the more than 4,000 clients that they will get their money.
Zingani, who owes about $6,4 million, said liquidation was not going to enable the company to pay off debts owed to clients as it does not generate any income but sells existing property.
“We have two mines in Bubi, bottle stores, a five acre stand in Mawabeni, grinding mill in Esigodini, several buildings in town. If we can utilise these things to generate money we can start paying people their monies,” said Zingani to applause.
He said liquidators were costing the company more money as they had already sold two cars to cater for their expenses.
One of the liquidators, a prominent city lawyer, Matshobana Ncube said assets amounting to a mere $1 million had been declared, a far cry from the $6 million owed to clients.
The Deputy Master of the High Court gave the creditors the leeway to decide the company’s way forward and they overwhelmingly voted for the company to be put under judicial management with only four people objecting.
In opposition to the judicial management resolution one woman fumed: “This company was under liquidation because it had failed in its operations. It was put under legal supervision to protect us so that we can get our money and now we are no longer guaranteed getting our monies”.
Ncube said while he appreciated the decision of the majority, the success of the resolution was going to be determined by the viability of the macro-economic environment.
In an interview after the meeting, Zingani said he was happy with the resolution made.
He said he was hoping this would facilitate his path to freedom.
“I am happy that people chose judicial management. I want this case to be over and done with so that I can move on with my life,” said Zingani.
Geozing Pawnbrokers collapsed in April this year resulting in hundreds of investors losing thousands of dollars invested with the company.
The pyramid scheme was accepting people’s money and promising to pay 30 percent interest on investment per month.
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