Harare businessman and Dynamos president Kenny Mubaiwa has slammed the club’s previous executive for mismanaging funds and failing to service a $250 000 loan from CBZ Bank Limited. This was after property belonging to the club as well as to members of the previous executive was attached for defaulting on the debt.
Speaking to the Daily News, Mubaiwa said.
At the moment, what I would want to know is what that previous executive did with the money that came from Caf after Dynamos reached the semi-finals.
Look, when they borrowed the money from CBZ, the agreement was that they would pay back once the funds from Caf had been made available.
The money from Caf came but they never bothered to pay back the loan. They are the signatories to the application hence why their property was also attached.
None of my property was attached because I successfully approached the bank and argued that my name was nowhere near the application since I was not at Dynamos at the time.
It’s only that the Sheriff of the High Court made a mistake and included my name on the notice they published in the press.
Mubaiwa claims that when he came to the helm, they inherited the debt and did their best to pay it back.
I was never part of the executive when the loan was accessed but when I joined the club we tried to pay back,” the Harare businessman said.
Most of it went towards the loan’s interest and right now with the way the economy is like, we could no longer make any more payments.
It is unfair for people to blame my executive because we tried our best to deal with this debt.
More: Daily News