Dynamos property to be auctioned

Property belonging to Dynamos and a number of their officials will be auctioned today in the capital to recover a $250 000 debt owed to CBZ Bank Limited.

According to a notice published in the media at the weekend, the property will go under the hammer at an auction to be conducted by LM Auctioneers in Southerton.

Dynamos board chairperson Bernard Marriot Lusengo, his late predecessor Richard Chiminya, former executives Farai Munetsi, Harrison Mbewe and Michael Ignatius George had their property attached.

Former club chief executive officer Casper Muzenda and ex-vice chairperson John Kanokanga, together with current president Keni Mubaiwa, were also named in the suit.

The Sherriff of the High Court attached moveable property from those mentioned above which includes deep freezers, television sets, microwaves, kitchen and dining suits.

Computers, radios, tables, kitchen units, sewing machine, cupboards, stools and printers were also part of the property which was seized.

Speaking to the Daily News last week, Mubaiwa said they had tried hard to offset the CBZ loan but they were weighed down by the harsh economic climate currently prevailing in Zimbabwe.           

"We were paying at least $10 000 every month to service the loan when we assumed office.

"We paid close to $200 000 but all the money was going towards the interest," Mubaiwa said.

"As I said before, the economy is not performing well and we reached a stage where we could not pay that monthly instalment hence the attachment of the property. CBZ has records of our payments."

DeMbare borrowed money from the bank to cater for their away trip to face MC Algiers in Algeria for an African Champions League qualifier back in 2011.

In 2012, DeMbare failed to pay back the loan resulting in CBZ approaching the High Court where they were granted a writ of execution to attach the club's property and that of board and former executive members, who facilitated the loan.

Since then, the club had been fighting against the suit but Justice Godfrey Chidyausiku early last month upheld the ruling allowing CBZ to effect the writ.