News / National
Zifa engages creditors to clear debts
20 Dec 2018 at 06:48hrs | Views
Zifa will start engaging its creditors this week to come up with a payment plan as the new leadership led by Felton Kamambo begins efforts to turn around the fortunes of the association.
The association's audited financial report presented to its congress at the weekend showed that Zifa is saddled with an $8 million debt.
Kamambo, who unseated Philip Chiyangwa at the weekend election, yesterday said the soccer controlling body had already begun the process of meeting the creditors with a view to finding a solution to resolve the issue.
"We have already started the process of engaging the creditors. We owe them close to $9 million so we want to make a plan so that in eight months, we should start paying the creditors," Kamambo said.
The Zifa debt is one of the issues that had become a source of hostility among stakeholders of the game.
When Chiyangwa took over in 2015, he unsuccessfully attempted to evade paying creditors by rebranding Zifa to National Football Association (Nafaz).
He later promised to deal with the debt, but according to the audit report by Baker Tilly Chartered Accountants, for the year 2017, tabled at the elective congress on Sunday, the soccer controlling body has not been paying its creditors.
The liabilities of the association had, according to the report, actually increased from $5 944 656 in 2016 to $8 123 391 by December 31, 2017.
Kamambo's administration has, however, chosen to engage the creditors and expects to start paying the creditors in eight months' time.
Most of the creditors are the association's former workers.
According to the audit report, the biggest creditor is former president Cuthbert Dube, who is owed $1 million, while Conduit Holdings, a company linked to board member Philemon Machana, is owed $22 000.
The National Social Security Authority is owed $48 890.
Former Zifa chief executive Jonathan Mashingaidze is owed $116 744.
Zifa also owes its former lawyer Ralph Maganga $95 000, although the association alleges the figure is $30 000.
The matter is yet to be finalised.
Kamambo also said they were now relocating the offices from Chiyangwa's premises to the National Sports Stadium.
"We have, in the mean time, also resolved to have our offices at the National Sports Stadium. We feel it is strategic and, as a football association, it makes sense to have our offices there," he said.
Kamambo was elected the new Zifa president on Sunday after beating Chiyangwa to the post.
Former Southern Region chair Gift Banda deputises Kamambo after he defeated Omega Sibanda in the elections.
The other four board members elected are Machana, who retained his post in the executive, Sugar Chagonda, Brighton Malandule and Chamu Chiwanza.
They will be joined by Premier Soccer League boss Farai Jere and women football chairperson Barbra Chikosi.
The association's audited financial report presented to its congress at the weekend showed that Zifa is saddled with an $8 million debt.
Kamambo, who unseated Philip Chiyangwa at the weekend election, yesterday said the soccer controlling body had already begun the process of meeting the creditors with a view to finding a solution to resolve the issue.
"We have already started the process of engaging the creditors. We owe them close to $9 million so we want to make a plan so that in eight months, we should start paying the creditors," Kamambo said.
The Zifa debt is one of the issues that had become a source of hostility among stakeholders of the game.
When Chiyangwa took over in 2015, he unsuccessfully attempted to evade paying creditors by rebranding Zifa to National Football Association (Nafaz).
He later promised to deal with the debt, but according to the audit report by Baker Tilly Chartered Accountants, for the year 2017, tabled at the elective congress on Sunday, the soccer controlling body has not been paying its creditors.
The liabilities of the association had, according to the report, actually increased from $5 944 656 in 2016 to $8 123 391 by December 31, 2017.
Kamambo's administration has, however, chosen to engage the creditors and expects to start paying the creditors in eight months' time.
Most of the creditors are the association's former workers.
The National Social Security Authority is owed $48 890.
Former Zifa chief executive Jonathan Mashingaidze is owed $116 744.
Zifa also owes its former lawyer Ralph Maganga $95 000, although the association alleges the figure is $30 000.
The matter is yet to be finalised.
Kamambo also said they were now relocating the offices from Chiyangwa's premises to the National Sports Stadium.
"We have, in the mean time, also resolved to have our offices at the National Sports Stadium. We feel it is strategic and, as a football association, it makes sense to have our offices there," he said.
Kamambo was elected the new Zifa president on Sunday after beating Chiyangwa to the post.
Former Southern Region chair Gift Banda deputises Kamambo after he defeated Omega Sibanda in the elections.
The other four board members elected are Machana, who retained his post in the executive, Sugar Chagonda, Brighton Malandule and Chamu Chiwanza.
They will be joined by Premier Soccer League boss Farai Jere and women football chairperson Barbra Chikosi.
Source - newsday
