Geozing Pawnbrokers, clients being sued for failing to pay back
Published: 2013 November 29 17:18:06 (4832 Views)
THE liquidators of Geozing Pawnbrokers Private Limited have started suing some of the company's clients who borrowed money from the pyramid scheme and failed to pay back.
The company, placed under liquidation in May this year, was owned by Mr George Zingani and his wife Ms Duduzile Ndlovu.
The two are no longer directors of the company following a court order in July which confirmed Mr Matshobana Ncube and Mr Philip Ndlovu as liquidators.
Geozing Pvt Ltd was taking deposits from members of the public offering interest rates of up to 30 percent until in April this year while some individuals were also taking loans payable within 30 days.
Indications are that hundreds of debtors ignored paying back their loans when the company folded and the liquidators have now approached the Civil Court to recover the money.
Nine debtors appeared before Bulawayo magistrate Ms Sibongile Msipa at the Civil Court on Monday with seven more appearing before the same court yesterday for failing to pay back money ranging between $1 000 and $3 000.
In the application, Mr Ncube and Mr Ndlovu said their powers were by virtue of the High Court order of 11 June 2013 which confirmed them as liquidators with the duty of finalising the folding of the company.
Collection of debts, they said, was part of the process of liquidation as they are under pressure to pay back more than 3 000 clients who deposited their money with the pyramid scheme and never got it back.
Of the nine cases that were heard on Monday, six were granted meaning the debtors will lose their cars which will be auctioned to offset the debts.
Two were postponed to 12 December while one was removed from the roll. Mr Jameson Zvouya, Mr Simba Phiri, Mr Morgan Kwari, Mr Fanyana Mahlangu, Mr Julius Mavhura and Mr Hlanganani Ncube will lose their cars which they offered as collateral security when they applied for the loans last year.
Messrs Alexander Chitiza and Emanuel Penduka will appear in court in two weeks time while Mr Thamsanqa Khumalo had his case removed from the roll. Of the seven that went through yesterday, five of them were granted. Ms Monalisa Nare of Emganwini borrowed $2 200 in July while Mr Malvern Mangena of Gwabalanda took $2 700 in August of the same year.
Mr Themba Msumba of Cowdray Park will have his car sold for owing $1 620 while Mr Naboth Zhou (Queens Park) failed to pay back $1 890 and a default judgment was granted because he was not in court.
An order was also granted against Mr Tendai Musanangurwa while Ms Lydia Tembo will know her fate on 12 December.
A recent High Court order compelled Mr Zingani and Mrs Ndlovu to cede about 36 assets to the company so that it could be able to pay clients' money.
Another client, Mr Knox Mtambirwa was also ordered by the High Court to pay back $27 000 he borrowed from the pyramid scheme.
Mr Kholwani Ngwenya of Mabhikwa, Hikwa and Nyathi Legal Practitioners is representing the liquidators on behalf of the company.
- Zim Metro
The company, placed under liquidation in May this year, was owned by Mr George Zingani and his wife Ms Duduzile Ndlovu.
The two are no longer directors of the company following a court order in July which confirmed Mr Matshobana Ncube and Mr Philip Ndlovu as liquidators.
Geozing Pvt Ltd was taking deposits from members of the public offering interest rates of up to 30 percent until in April this year while some individuals were also taking loans payable within 30 days.
Indications are that hundreds of debtors ignored paying back their loans when the company folded and the liquidators have now approached the Civil Court to recover the money.
Nine debtors appeared before Bulawayo magistrate Ms Sibongile Msipa at the Civil Court on Monday with seven more appearing before the same court yesterday for failing to pay back money ranging between $1 000 and $3 000.
In the application, Mr Ncube and Mr Ndlovu said their powers were by virtue of the High Court order of 11 June 2013 which confirmed them as liquidators with the duty of finalising the folding of the company.
Collection of debts, they said, was part of the process of liquidation as they are under pressure to pay back more than 3 000 clients who deposited their money with the pyramid scheme and never got it back.
Of the nine cases that were heard on Monday, six were granted meaning the debtors will lose their cars which will be auctioned to offset the debts.
Two were postponed to 12 December while one was removed from the roll. Mr Jameson Zvouya, Mr Simba Phiri, Mr Morgan Kwari, Mr Fanyana Mahlangu, Mr Julius Mavhura and Mr Hlanganani Ncube will lose their cars which they offered as collateral security when they applied for the loans last year.
Messrs Alexander Chitiza and Emanuel Penduka will appear in court in two weeks time while Mr Thamsanqa Khumalo had his case removed from the roll. Of the seven that went through yesterday, five of them were granted. Ms Monalisa Nare of Emganwini borrowed $2 200 in July while Mr Malvern Mangena of Gwabalanda took $2 700 in August of the same year.
Mr Themba Msumba of Cowdray Park will have his car sold for owing $1 620 while Mr Naboth Zhou (Queens Park) failed to pay back $1 890 and a default judgment was granted because he was not in court.
An order was also granted against Mr Tendai Musanangurwa while Ms Lydia Tembo will know her fate on 12 December.
A recent High Court order compelled Mr Zingani and Mrs Ndlovu to cede about 36 assets to the company so that it could be able to pay clients' money.
Another client, Mr Knox Mtambirwa was also ordered by the High Court to pay back $27 000 he borrowed from the pyramid scheme.
Mr Kholwani Ngwenya of Mabhikwa, Hikwa and Nyathi Legal Practitioners is representing the liquidators on behalf of the company.
- Zim Metro
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