HomeSportZifa reduces Cuthbert Dube’s debt

Zifa reduces Cuthbert Dube’s debt

-

Zifa has considerably reduced its debt to its former president, Cuthbert Dube, but the association still owes the businessman $438 222.

By Kevin Mapasure

According to an audit report for 2014, which was prepared by Barker Tilly Gwatidzo audit firm, by December last year, Zifa’s debt to Dube had come down from $694 376, which was reported the previous year.

Zifa elected a new board on Saturday after the Dube-led administration was booted out on October 3 and the new team, which meets for the first time today, will be seized with the task of paying him, among others, in a long list of creditors.

Businessman, Philip Chiyangwa is the new president, with Omega Sibanda returning to the board as his deputy.

Premier Soccer League chairman, Twine Phiri, women’s football boss Elizabeth Langa, as well as Edzai Kasinauyo, Philemon Machana, Piraishe Mabhena and Felton Kamambo occupy the other places on the board.

As of December last year, Zifa’s debt sat at $5 015 426 and it could have increased, with interest accruing on loans, while the association has been facing litigation from former employees.

Compared with 2013, last year, Zifa saw more money coming into its coffers from both Caf and Fifa through grants.

The association received $486 966 from Fifa, while Caf poured in $401 579 up from $184 963 and $103 140 respectively from the previous year.

Yet still, financial troubles seem to have worsened last year, with the country failing to settle its debt to former coach Jose Valinhos, leading to the Warriors ban from participating in the Fifa World Cup qualifiers that started this year.

Employee costs gobble almost half a million and there is not much of a difference between 2013 and last year, despite retrenchments which cost Zifa $160 000.

As at December 2014, Zifa’s debt to CBZ Bank, where they accessed an overdraft facility, but failed to repay, stood at $1 968 633.

The non-servicing of the debt has already seen Dube losing his Waterfalls house, which he had used as collateral to access the facility.

The association received $120 000 from player and club registrations, the same amount from match levies, as well as $125 000 from the government.
The report shows that Zifa’s properties have a value of $1 739 000.

The association owns the Zifa Village in Mt Hampden, as well as the property that houses its headquarters in Harare, while it also owns a house in Kensington and its offices in Bulawayo.

LED Transport, which is owed by the association, has been embroiled in a court battle with the football mother body, trying to attach some of the properties to recover the $90 000 the company is owed.

Recent Posts

Stories you will enjoy

Recommended reading