Qoki Trucks Face Bankruptcy Amidst Serious Fraud
22 June 2023
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We had no voice basically..’: Zimbabwean Director Sithule Tshuma’s Qoki Zindlovukazi SA Trucks Ltd Faces Bankruptcy Amidst serious Allegations of Fraud.

By Nancy Nhuku |

Qoki Truck business

In a grim turn of events, Qoki Zindlovukazi Trucks, a project directed by a Zimbabwean self claimed Women Empowerment Founder,  Sithule Tshuma, is on the brink of bankruptcy. The project, which operates in South Africa, plies routes within South Africa and to Zimbabwe and D.R. Congo, has been marred by a series of controversies and alleged mismanagement. The demise of the Qoki trucking project is another dimension of a seemingly dismal drive for Qoki Zindlovukazi filled with sad life stories from various women investors. The investors had high hopes in Qoki as a Matebeleland and Midlands livelihoods alleviation initiative as advertised by its co-founder Ms Tshuma.

Qoki Truck income and trips

My plus R59 000.00 gone just like that,.. I hope in future, as a learning curve, better strategies will be implemented before recruiting people to investments…..’ Anonymous investor

One of the primary concerns raised by these Trucks crowd funders (meant to be shareholders), is the lack of due diligence and immature business practices exhibited by the Qoki Directors, Karen Kumalo, Nompilo Moyo and Bridget Dube. Interesting to note is that,  over 3 years on, share certificates/ ownership documentation was never issued to these investors. Some critical investors argue that proper research and analysis were not conducted before venturing into South African new markets and expanding operations, leading to financial strain, stress and unsustainable growth. It is also unbelievable that a company of this stature had no bank account as exclaimed by one of the investors;

Just wondering how our company (Qoki Trucks) didn’t have a bank account or why the insurance was paid from “other ladies” bank accounts (project)?’ Anon.

Another prominent issue highlighted by the investors, is the alleged dictatorship within the company. Accusations suggest that decision-making power was excessively vested on Sithule Tshuma, resulting in lack of transparency and accountability. Shareholders claim that their voices were disregarded, and their concerns were not adequately addressed, contributing to the current dire situation.

 ‘We had no voice basically, and I feel most women were scared of being booted out if they spoke.  To date no one has said a word on our Qoki WhatsApp platform since Qoki hit the news regarding fraudulent activities….’ Anon

Furthermore,  Ms Tshuma and her inexperienced management team have faced severe criticism. Many shareholders contend that key positions were filled by individuals lacking the necessary expertise and industry knowledge, compounded with deception. This alleged lack of competence and understanding of market dynamics has reportedly hindered the company’s growth and profitability.

Some of us asked for trucks to be sold over 2 years ago before amatrucks afe (breakdown). But sasingamamelwa (we weren’t being listened to) , now that there are izikwelede (debts) we have to be affected too?’anon

Accounting irregularities, have also been projected, adding to the mounting troubles for Qoki. Concerns have been raised regarding financial mismanagement, questionable financial reporting, and a lack of adherence to basic accounting standards. These allegations have further eroded investor confidence across all other Qoki projects, thereby raising doubts about the company’s overall financial health and integrity. This warranties a financial audit by an independent body or an ombudsman as it is gross.

Additionally, Qoki Trucks investors, have expressed dissatisfaction over the absence of shared dividends.

 ‘We injected over R1,5 million as capital, to date Sithule continues to show no interest,  busy with 100 other projects which will also fail like ours’ said one investor.

Despite the company’s financial struggles, investors claim that they have not received any returns on their investments, exacerbating their financial losses. This situation has left many shareholders disillusioned and seeking legal remedies to protect their interests. Ironically, the management allegedly seems to be acquiring assets for themselves and their families and now drive luxury cars and living in mansions. The bankruptcy becomes more apparent amidst Qoki’s turmoil of events following fraudulent allegations, as shown on table below;

Qoki’s irregularities also come at a difficult moment following a major Bulawayo High court trial loss on Ms Tshuma vs Dumi matter. The impact on investors is severe. Qoki Trucks investors comprises mostly of vulnerable women working menial jobs in South Africa.

‘I think it’s important that when things are done where everyone contributed everyone’s opinion is taken into consideration…..’.

Given the myriad of challenges faced by  Qoki Zindlovukazi Trucks, Market, Bank, Hotel & Golf course, Farm, Filling Stations, Properties and Guest House, experts are recommending a complete re-evaluation of the company’s management structure, along with the implementation of stringent financial and operational controls. Upskilling the existing workforce and hiring experienced professionals has also been suggested to rectify the current deficiencies.

Charity Dube, disappointed and appalled at Qoki’s fraudulent allegations, commented

 ‘I bought 2 shares on that scam, automatically making me a majority of the so called shareholder, but never a day where our opinions were taken into consideration’

As the situation unfolds, shareholders are eagerly awaiting a response from Ms Tshuma’s  team and potential strategies to address the company’s management crisis. From 2021, some ‘investors’ have been requesting the Trucks business to be sold or get refunded their share equivalent,  to date Qoki has not responded to any of these requests. The outcome of this critical period will determine the future of Qoki Zindlovukazi as a whole, their Lawyer Zibusiso Charles Ncube and Qoki’s ability to recover from its current state of turmoil.