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Reggies Sibanda

Business Reporter
TACKLING rampant company litigations and taxation issues will dominate the Directors Protection Council of Zimbabwe (DPCZ) meeting in Bulawayo tomorrow as businesses seek to find lasting solutions to prevailing viability constraints.

Legal experts, regulators and estate agents and individual business executives are set to attend tomorrow’s meeting with major focus on non-performing loans, Sheriff’s sales and auctions.

“We’ll have a breakfast meeting on July 26 and we invite all the company directors and businesses to attend.

“We look forward to a fruitful engagement by stakeholders who include lawyers, estate agents, the Reserve Bank of Zimbabwe and the Judicial Service Commission,” DPCZ chief executive officer, Mr Reggies Sibanda, said.

“Our guest speaker is from the Interest Research Bureau and he has confirmed attendance. He will talk about sunk money through miscalculation of interest rates or overcharging by financial institutions.”

He noted that a number of businesses have lost valuable assets after failing to settle loan arrears.

“The purpose of the meeting is to find common ground between relevant stakeholders because some businesses are being short changed on the basis that they are not conversant with the law,” said Mr Sibanda.

“Litigations have to take place, no one can stop that, but I am sure as Zimbabweans we are aware of the ailing economy. As a result concerned parties need to balance the equation.”

He said because of fear and ignorance, most business directors have been prejudiced through property auctions.

“Complaints have been made on gross misconduct by some estate agents working in cahoots with Sheriff officials resulting in loss of properties. As directors we are worried about this and wonder if these actors are monitored for professionalism and compliance in the discharge of their mandate,” said Mr Sibanda.