Beleaguered Zifa president Cuthbert Dube’s Waterfalls house will go under the hammer on Friday over a debt owed by the football mother body to CBZ Bank.
by Kevin Mapasure
According to the latest Government Gazette, the property which is on a piece of land measuring 9 859 square meters in Harare will be auctioned by Property Heights Real Estate.
The property is situated at number 44 Bradley Street in Waterfalls.
The 2012 Zifa audit report, which the association sat on until only last year, showed the mother body had accessed an overdraft facility in 2011, which was secured by one of Dube’s properties, but the debt was not serviced.
According to the audit 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 should have ballooned further since then.
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.
But that move could have backfired, as the association grapples with a cash crisis, which has been caused partly by misappropriation of funds, hindering any efforts to settle the amount.
The 2011 audit report compiled by a company that Zifa itself had appointed, noted that $744 635 was unaccounted for.
Last year, Dube used another of his properties as collateral to secure accommodation for the Tanzanian national team which had been locked out of a Harare hotel.
Zifa councillors last year also took Dube to task for using his properties as collateral.
His property will be sold a day before he faces possible dismissal from Zifa as the councillors dig in on the under fire administrator.
Zifa has been under fire over misrepresentation of facts in an income and expenditure statement, which was prepared after the Warriors hosted Guinea earlier this month.
The association also owes Dube some money believed to be in the region of $1 million. According to the 2012 audit report, he was owed $700 000 at the time.
The 2013 report noted that there were no loan agreements between Zifa and Dube and that there were no written terms and conditions.
Of late, Dube has promised to stop financing football activities from his own pocket, as he was not receiving any gratitude for his benevolence.
The national women’s football team failed to travel to Ivory Coast for an assignment after the association failed to secure funds to finance the trip recently.
Dube has on numerous occasions had his house in Mount Pleasant also in Harare raided by the Messenger of Court taking away some of his property, but releasing it later.