Zhuwao: fund looters’ properties to be seized

via Zhuwao: fund looters’ properties to be seized – NewZimbabwe 01/12/2015

INDIGENISATION minister Patrick Zhuwawo says youths who benefitted from the Old Mutual Kurera/ Ukondla Youth Fund and did not pay back their loans will have their properties attached and sold.

Zhuwao said the Reserve Bank of Zimbabwe will, from now on, be issuing certification and credit rankings to young people and these permits will constitute part of the documentation to be used to access the loan.

The Minister said it is common knowledge that 70% of the youths did not repay the loans after they bought second hand cars from Japan with some paying the bride price using the funds accessed through the scheme.

“All those who did not repay the loan must not relax thinking that they will go scot free as the Ministry will soon be attaching beneficiaries’ properties that will be sold to recover the loans.

“There is a new sheriff in town who is dreadlocked.”

Zhuwawo said this to youths who were gathered at Chaminuka Vocational Training Centre in Mt Darwin Mashonaland Central province at the commissioning of the BAT Zimbabwe Tobacco Empowerment Trust Rehabilitation on Sunday.

“Let me hasten to remind our young people that the fund is a revolving one and loan repayment will be enforced in order to grow the fund and ensure that as many beneficiaries as possible access the funds.

“We need to reinforce and cultivate within our youths the culture of repaying loans and this will open more windows for more opportunities that will be of benefit to young people,” said Zhuwao.

The $10 Kurera-Ukondla Youth Fund was first established in 2011 as part of Old Mutual indigenisation agreement with the government in an effort to improve levels of unemployment and act as stimulus to economic growth in the country.

But the funds were looted and never used for projects applied for. The government recently re-launched the loan facility.