Thursday, 24 April 2014
Kanyenze clients in panic mode PDF Print E-mail
Friday, 22 February 2013 11:22

Abel Zhakata
Senior Reporter

CLIENTS who invested their money with Kanyenze in Mutare are in panic mode, amid allegations that the company is failing to pay interests on the borrowed money.

As the clients craved to know the fate of their investments after the company sent text messages saying it was "closing investments due to challenges in the new year", several called this paper in search of answers.
Hundreds are said to have invested thousands of dollars with Kanyenze which attracted an interest of 15 percent every month.
However, the director of Kanyenze, Mr Kuziva Kanyenze, allayed fears saying everything was in order.
He said his company was solid and trading normally and there was no way he would fail to pay people their dues.
Unlike the Capital Base case, he said, Kanyenze was a well-known retail company that started operating in 1997 and it has several properties and a healthy working capital.

However, the company recently sent text messages to clients saying: "We are regrettably closing investments due to challenges in the new year. We are starting reimbursing people from January 30, 2013."
Clients who contacted this paper said its more than three weeks now since they received the text messages and they had neither been given their January interest or their principal payments.
"If you talk to them, they will tell you that they are starting reimbursements of those who joined first, but it is almost a month now without receiving anything.
“I invested $1 000 with Kanyenze and I have no hope of getting the other $1 000 I invested with Capital Base. I am afraid that the same Capital Base predicament will surface here," said a client who requested anonymity.

Mr Kanyenze said it was premature for clients to fear that they would lose out.
"Right now we are giving people their money back. They need to be patient. The problem is that everyone wants to get his money first and this creates confusion. We are starting with those who invested with us first until we finish all of them. We have the money and no one needs to panic.
“Kanyenze is operating healthily with all our shops trading each day. We are in business and we shall remain there.
“We only borrowed money on the market so that we could buy properties and other accessories we needed to enhance our business. Now that we have the tools of the trade we are giving people their money back," he said.

Mr Kanyenze said his company was not linked to Capital Base.
"I don't know the directors of Capital Base and my company is not a credit co-operative society and we at Kanyenze did not in any way invest money in Capital Base. It is only coincidental that we are closing investments at a time when people have fresh memories of the Capital Base saga. We will pay back what we owe people," he said.
Meanwhile, speculation is high among Capital Base clients who are owed millions of the dollars by the troubled credit cooperative society that directors of the company might have externalised their money to South Africa.
Although the society's director, Mrs Solomy Kambunda, has refuted the allegations on several occasions, the clients believe that their money is locked up across the Limpopo.
Some have hinted that part of their money was given to a church (name withheld) as tithes.
Mrs Kambunda has since rubbished the claims saying all the money was paid to the same clients as interests.



How the Zanu-PF Government deals with corruption will go a long way towards the successful implementation of Zim-Asset and the party's fortunes in 2018.


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