Friday, 10 May 2019

Prophet Magaya’s Woes Mount As He Sets To Lose Property Over US$23 Million Debt - Headlines

PHD church leader Walter Magaya and his wife, Tendai, have been dragged to the High Court over failure to repay a loan amounting to US$23 million to Homelink Finance (Private) Limited.


Magaya and his wife bound themselves as surety and co-principal debtor to a loan extended to Yadah Connect Private Limited in 2018.

The Herald reports that he risks losing his massive property in Waterfalls, which is used as a guest house.

Homelink, through its lawyers, Shomwe-Nyakuedzwa Attorneys filed a summons for provisional sentence against Mr and Mrs Magaya as well as Yadah Connect.
Prophet Magaya’s Woes Mount As He Sets To Lose Property Over US$23 Million Debt
The company argues that the defendants breached the loan agreement hence an order compelling them to pay should be issued.

Homelink, according to the papers filed at court, extended a facility of US$23 338 745 to Yadah Connect in 2018.

The parties agreed that the loan would be repaid in 33 monthly instalments of US$784 873,62 inclusive of interest, with effect from December 31 last year however this was not done.

Magaya is yet to respond to the civil claim.

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