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Sifundiso Ndlovu Chronicle Reporter
A COMMISSION of inquiry has been set up to investigate and identify Geozing Pawn Brokers’ assets that were not declared when the Bulawayo-based company went under liquidation.
This was said at the creditors’ meeting held at Stanley Square yesterday.
Geozing Pawn Brokers Investments, a company in which George Zingani and his wife Duduzile Ndlovu ran a pyramid scheme whereby people were supposed to invest and get 30 percent interest on their investments every month, left about 4,000 investors stranded when it collapsed in April last year.

Geozing owes its creditors $6 million and its declared assets are valued at about $3 million.
Some individuals invested as much as $35,000 in the scheme. Zingani was arrested following the collapse of the company and the case is yet to be concluded in the courts.

At one time the company was placed under liquidation, but creditors later agreed that it be placed under judicial management, a development that was formalised yesterday in a bid to recover lost funds and properties.

Speaking at the meeting, the company’s judicial manager Thabani Siziba said they had leads suggesting that some of the company’s properties could have been concealed.

“Some members of the public are coming up with some leads that indicate that some of Geozing properties were not declared. We have therefore set up a commission of inquiry to investigate and locate the assets which were not declared,” she said.

Siziba said some people had produced documentation to prove that Zingani and his wife, the directors of the collapsed company, owned the assets that were not declared.

She said the commission was given up to three months to complete the investigations.
“We are finalising with the Master of the High Court on the final details regarding the commission,” she said.

The company’s creditors yesterday agreed that the company should be resuscitated so that it is able to pay all creditors.
If the company is liquidated now, creditors will be reimbursed only four cents for every dollar invested as the company assets are not enough to pay all creditors.
One of the investors Themba Ncube, who invested $700, said more effort was needed to ensure that they recovered their money.