Anguish as $25 Million Diaspora Fund Goes Bust
The Zimbo ladies who have invested overseas and are demoralised as they feel duped by Sithule are deeply impacted and depressed.
Anguish as $25 Million Diaspora Fund Goes Bust
Underwritten by over 500 Zimbabwean women living abroad, a US$25 million Diaspora Fund has been rocked by unrest as investors complain that their empowerment initiatives have not materialised.
The investors are situated in the US, Canada, Australia, New Zealand, the UK, and Ireland.
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Many of the investors in Qoki Zindlovukazi, the organisation that gathered almost $25 million in the United States to purchase property and launch 27 large-scale projects in Matabeleland, are now disgruntled and cries out for assistance in getting their money back.
Sithule Tshuma, the organization’s leader, reportedly currently resides in Dubai after spending more than 25 years residing in the United Kingdom.
According to the organisation, it purchased land in a number of Bulawayo neighbourhoods, including Douglasdale, Woodville, Waterford, and others, with the intention of helping its members.
In addition to land, the firm sought to invest in South African banks, bus companies, bakeries, and butchers.
H-Metro asked Tshuma about the unrest in her camp, but she didn’t answer.
She did, however, speak with Chronicle, our sister publication, last year.
We started working on these projects in 2020, and they are projected to cost between $20 and $25 million.
We currently have over 27 projects underway, distributed throughout Matabeleland, with additional land in Hwange, Plumtree, Esigodini, and the surrounding Bulawayo areas.
Anguish as $25 Million Diaspora Fund Goes Bust
According to documents that H-Metro has access to, there is division within the group.
Many members now feel that they were deceived and that their investment may be lost.
The husband of an Irish woman who passed away was promised a complete refund, but he hasn’t received any money back as of yet.
The ladies created a breakaway cooperative to voice their dissatisfaction, and since then, it has started looking into other projects the fund has started.
They want Sithule to provide them all the paperwork, reimburse them for their investment, and organise a nonviolent march in Bulawayo to draw attention to their predicament.
To attempt to engage Sithule, a delegation is to be assembled.
Documents and letters concerning the disorder in the camp are in the possession of H-Metro.
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A member stated:
These projects are carried out through groups on the WhatsApp network that Sithule has created and managed.
Hundreds of victims in the diaspora are suffering from financial and emotional abuse.
An additional added:
In this instance, Sithule served as the agent, and the land belonged to the group of investors who had purchased it in accordance with the terms of the initial contract she signed with the parties (the QOKI DREAMERS AGREEMENT).
The Zimbabwean ladies who have invested overseas and are demoralised by Sithule are deeply impacted and depressed.
The confidence of Zimbabwean diasporas to invest back home has been affected by this.
