Capital Base property goes under the hammer

Capital Base property goes under the hammer
Published: 28 June 2013 (11033 Views)
MOVABLE property belonging to the collapsed Capital Base Investment Co-operative will go under the hammer tomorrow (Saturday) after 105 clients sued the money pyramid scheme over unpaid investments.

Lardmail Laison Auctioneers situated at Number 5, Dawson Street in Mutare's Yeovil medium-density suburb will hold a sale in execution on behalf of the Messenger of Court.

The property will go on public sale in respect of cases won by Manicaland Provincial Registrar, Ms Joyce Munamati and 20 others, Ms Brandina Daize Munamati, Ms Mellisa Fallon Gandiwa and 20 others, Mr Phillip Masudze and 40 others as well as Mr Tendayi Magayisa and 20 others.

However, the value of the items on sale, which are mainly office furniture, is a far cry from the millions of dollars that the co-operative owes its clients.

It was not clear at the time of going to print the quantum of the claims made by the 105 clients who won their cases, but the figures reportedly run into hundreds of thousands.

Items on sale include three piece leather sofas, two-door Defy fridge, glass TV stand, 52 inch LG plasma TV, heater, filing cabinet and a computer set.

Some of the clients who requested not to be named said no meaningful repayments would be realised from the sale of the property.

"Those things on sale will not fetch more than $5 000 and that money is meant for the 105 clients who won their cases. On average, we are owed more than $3 000 per person and what do we do with that small figure. At the end of the day we are the losers here. Something needs to be done."

Capital Base clients feel that the society bought several buildings in and outside Mutare which were registered in other people's names in a bid to evade lawsuits.

The society has been linked to a church in the city which went on to acquire several properties in Mutare and Bulawayo using clients' money.

"What we want is for the serious fraud squad to chip in and investigate the case.

"I am sure they will be able to trace how our money was used and what properties were bought using the funds. If that is not done, we run a risk of losing everything yet some people become super rich. We have information that can help with investigations and we have names of people, but we do not know who to give that information.

"The church which is at the centre of this whole case is now rich because of our money. Millions were poured into the church's account and several properties were bought. We know the properties and we have the addresses. It is painful to see your investments being wasted like that while nothing is being done to redress the situation," said a client.

In November last year when the society collapsed clients, through their management committee, tried in vain to secure title deeds for immovable property owned by the society and another investment arm called Applegroove.

They also failed to get hold of all agreement of sales in respect of property bought by the society.

This also included title deeds and documents for all immovable properties owned by the society's management in their individual capacities, ownership documents for all society's vehicles and equipment and all off shore accounts in the name of the society.

Capital Base director, Ms Solomy Kambunda, allegedly refused to let go the documents and the equipment insisting that the society needed the capital equipment to embark on income generating projects in order to pay back the clients.

Efforts to get a comment from her were fruitless at the time of going to Press as her mobile phone number was not available.

- Manica Post

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