It never rains but pours for Zifa president Cuthbert Dube, as his Waterfalls house went under the hammer at Raylton Sports Club on Friday.
By Sports Reporter
The house received a bid of $75 000 which was, however, not paid in cash, informed sources said. The name of the buyer is so far being withheld. The property was auctioned by Property Heights Real Estate.
Since Tuesday, Dube has been running from office to office, holding meetings to stop the sale of the house, but the government could not intervene to save the situation.
The sale of the house is a blow to Dube, who faces a possible ouster by the Zifa board at an extraordinary general meeting on Saturday.
The property, which is on a piece of land measuring 9 859 square metres, situated at number 44 Bradley Road in Waterfalls, was sold after Dube had used it as collateral on behalf of Zifa when the association borrowed money from CBZ Bank.
The 2012 Zifa audit report, which the association sat on until only last year, showed the mother body had secured an overdraft facility in 2011, which was secured by one of Dube’s properties, but the debt was not serviced.
According to the report compiled by Baker Tilly Gwatidzo Chartered Accountants, the overdraft became overdue and swelled to $1 568 839 as at December 2013. Indications were the loan had ballooned further since then.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
Zifa secured loans to help finance the association’s operations, particularly the Warriors’ continental commitments, and Dube offered to put his house on the line in order to be allowed to borrow from the bank.
Last year, Dube used one of his properties again as collateral to secure accommodation for the Tanzanian national team, which had been locked out of a Harare hotel.
The association is believed to owe Dube almost $1 million. According to the 2012 audit report, he was owed $700 000 at the time.
