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 mi...
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.
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| Prophet Magaya’s Woes Mount As He Sets To Lose Property Over US$23 Million Debt |
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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