Zaoga loses $1,5 million

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ZAOGA could have lost over $1,5 million it had invested through a money lender McDowells International Properties Investment after the latter’s operating licence was cancelled by the Reserve Bank of Zimbabwe in June last year.

Report by Charles laiton

McDowells is being sued by at least 28 defendants over their investments and the matter is set to be heard at the High Court in Harare under different case numbers. Zaoga allegedly lost over $1,5 million and R203 291 which the church had reportedly invested through its different parishes in and outside the country.

The reason for the cancellation of the firm’s licence was, however, not made clear in the court papers.

According to Zaoga, cited as one of the applicants in the court papers, between 2010 and 2012, the church through its branches across the country, allegedly entered into numerous investment agreements with McDowells International Properties and deposited cash with the firm.

The investment plan, according to Zaoga, was that it would deposit or invest money for short and long-term periods.

The terms of the agreement were that after the expiration of the agreed period, McDowells would pay back Zaoga the invested amount together with accrued interest at rates ranging between six and 15%.

According to court papers, prior to the finalisation of the signed agreements and after the cancellation of its lending licence, McDowells directors and its agents allegedly orally misrepresented to Zaoga officials that they would pay back the amounts, but failed to so.

McDowells is also facing several other lawsuits after investment deals with other individuals and companies reportedly flopped. Other cases involve one Ideas Kunaka, who allegedly lost $169 086 and Rexmark Investments
($50 000).

14 COMMENTS

  1. The challenge was RBZ who just revoked the license without investigating the extend to which this company owed people. The directors of Mcdowells conned people more than 4 million and the central bank must have liquidated the company and not just cancelling the license. Remember the were civil servants who had borrowed about a million from this company and by cancelling the license this meant all these funds could not be collected now and depositors were at the receiving end. I think the directors of Mcdowells and RBZ must be investigated because 4 million is not a small figure. The central bank did not protect the depositors.

  2. Good for ZAOGA, yes, you must loose that money. What investments when you were supposed to use the money for preaching the gospel. This is what God does when you inter into deals of that nature. Why did you not put the money in the bank for safe upkeep. The church was grre, wanted high interest rates, satan chinobva charova. Who introduced the company to ZAOGA, who was the brain work to that investment?

    • Muridzi weMcdowells wacho aitori Pastor muZAOGA imomo.Yazvikanga nemafuta ayo nguruve kana hochi.

  3. Salvation unenge wechurch dziya dzajaira kupiwa madonations nevarungu. There is nothing wrong in è church investing it’s money. That $ will go a long way in helping è church.

  4. He!he!he! Zaoga you are part of those churches that lie to people that if they give money to the church/pay tithes they will either be blessed materially and/or go to heaven. And poor people wanting heaven and/or God to give them wealth part with hard earned money for nothing. Now you know how it feels to have your money stolen from you for nothing. Makaula! If you believe what you preach why not forgive McDowells and give them another US$1.5m ie turn the other cheek. He!he!he.

    • there is no denying that pane problem in the church but your comment reflects your lack of understanding what church is all about.

  5. The current trend of prosperity reliligen in the root of this evil. The difference between today’s church and the church of the times of the appostles like peter and Paul is that they were focusing on the poor but today’s church is more interested in money for the clergy. Not only the pentacostal churhes are guilty of this, even the main line churchs like UMC have become money mongers. So God has his own devine way to stop these exceses.

  6. Please His Exellence Cde President Mugabe help us to recover our money which we borrowed from other banks tichiti tiri kuinvestor neMcdowels. The rest of us, who invested with Mcdowells, are civil servants. I deposited more than 5000 and was supposed to g

    Please His Exellence Cde President Mugabe help us to recover our money from Mcdowell. I deposited 5000 after borrowing from different banks after being promised 15 % by the owner Chipamba asi hachadi nemari yacho achiti VaGono RBZ vakati hazvisi pamutemo. Now payslip is being didacted by banks which we borrowed for the next 24 months . We are civil servants and Chipamba wacho is very rude. Tibetsereivo Baba

  7. Pay back for liars.Stolen monies from innocent church goers waiting for prosperity.Inotambika.”Murume mukuru ungauya kumba woti ndabirwa mari,Wakapusa mhani”Hezvo mwakabirwa wani.

  8. Please veZAOGA nyararai musaite kunge vaye vechchurch inoti ika attakwa vonomomotera munhu 1. Just keep quiet. You know what you are taught. Let law take its cause. and the battle is not unto men but to God Himself.

  9. Saka ZAOGA maipromota chambadzo nhaika?!! MacDowells ndoshasha dzezvimbadzo. Hameno! Vanhu vachirohwa pasi petsoka. Hey!

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