Geozing directors' property to be sold to pay clients

Geozing Pawnbrokers Private Limited that allegedly duped  thousands of its clients of millions of dollars is facing a new court battle after the company's liquidators filed for an order to force former directors to cede their personal property.

This comes in the wake of pressure from clients who are seeking to recover their money which they invested in the company.

Mr George Zingani and his wife Ms Duduzile Ndlovu, who are believed to have acquired wealth using clients' money, ceased to be directors in May this year when the company was put under liquidation.

Prominent Bulawayo lawyer Mr Matshobana Ncube and Mr Philip Ndlovu were confirmed liquidators in July but had reportedly been failing to locate some of the property to be able to re-pay clients.

According to a High Court application, HC2582/13, Messrs Ncube and Ndlovu sought an order authorising them to take Mr Zingani and Ms Ndlovu's property as assets of Geozing Pvt Ltd.

The assets as listed in the court documents include 28 vehicles-some of them top of the range, a heavy duty mining compressor, two more compressors, five generators and a grinding mill.

The cars include a BMW, five Mercedes Benzs, a Pajero and an Audi.

Messrs Ncube and Ndlovu want the respondents Mr Zingani and Ms Ndlovu to release immovable property-Stand Number 303 Newton West.

Justice Andrew Mutema granted the order, meaning a total of 36 assets belonging to the former directors of the company now belong to Geozing Pawnbrokers Pvt Ltd and are disposable to raise money to pay back clients.

Justice Mutema ordered that the liquidators can deal with the assets in terms of the law.

The liquidators, who were represented by Mr Kholwani Ngwenya of Mabhikwa, Hikwa and Nyathi legal Practitioners, submitted that they were still trying to identify and verify other assets.

Also granted by the same court was an order (HC2581/13) compelling one of Geozing Pawnbrokers' Pvt Ltd clients Mr Knox Mtambirwa to repay $27 000 he borrowed as a loan.

In the event he fails to pay, Mr Mtambirwa is set to lose his car which would be auctioned to recover the money which he borrowed in October last year.
Repayment date was 30 November 2012.

Geozing Pvt Ltd was taking deposits from members of the public offering interest rates of up to 30 percent and Mr Zingani and his wife would allegedly buy assets in their personal names.

Mr Zingani and his company were some months ago convicted of violating the Banking Act and fined $7 000 while a case of fraud involving hundreds of the clients is still pending.

There are more than 3 000 clients-who are now creditors - who have lodged claims against the pawnbroking company and they were told at different meetings that the company neither had assets registered in its name nor a bank account.

The liquidators have held two meetings with clients to prove their claims for validation and another meeting will be held at a later date.