Let’s protect our farmers
EDITOR — It has come to light that there is a network of senior workers from various banks working in cahoots with the Deputy Sheriff’s office and targeting houses or homes that have been used as loan collateral for farming purposes by black farmers as they could not use their 99-year lease titles.
It is known that banks previously rejected the 99-year leases arguing that they were not transferable, in the event that a farmer borrowed money for farming purposes and failed to repay the loan in stipulated time due to mostly droughts and other unforeseen occurrences in the agricultural sector.
Now, however, there are banking officials taking advantage of farmers who are not aware of the new regulations governing borrowing against the 99-year leases.
The bank officials reject debt reviews and or debt consolidation, but quickly grab collaterised properties, especially homes in high and low destiny areas which they will auction at meagre prices, often far below the debt.
The properties are bought by people fronting theses networks at unrealistically low prices and then these vultures re-sell the same properties for their market value. Most black farmers who have the 99-year leases have no option, but to use their personal homes as collateral due to the banks unjustified thrust of rejecting the 99-year leases.
However, after marathon meetings involving Government, bankers and the RBZ, it was resolved that the 99-year leases are now bankable and this development is expected to transform the agriculture sector and assist the
emerging black farmers as they can now obtain loans using the leases.
Notwithstanding the new developments, the network of corrupt bank officials and Deputy Sheriff’s office are hard at work using front men and women to buy these properties at auctions are re-selling at high market value prices before sharing the loot.
We need to put an end to this. Corruption must be stopped.
It is unethical and most people involved in the scam are chartered accountants. They should be held accountable and punished by the Association of Chartered Accountants in Zimbabwe. We need to name and shame these corrupt people for taking advantage of well-meaning Zimbabweans.
Ronald Chimutimunzveve, Harare