News / National
Prophet Walter Magaya in financial trouble
12 Oct 2024 at 16:47hrs | Views
Leading ZIFA presidential candidate Prophet Walter Magaya is at risk of losing his hotel and the Heart Stadium in Waterfalls, Harare, due to an outstanding debt of US$420,000 owed to GetBucks Microfinance Bank Limited.
The High Court of Zimbabwe's Commercial Division ruled on October 9 that Magaya's properties could be sold to settle the debt after his company, Planet Africa (Pvt) Ltd, and co-defendant Tendai Magaya defaulted on repayments. The court ordered that Magaya pay the costs of the suit on a legal practitioner and client scale.
Atherstone and Cook's legal practitioners were granted an irrevocable special power of attorney to sell a property owned by Magaya, the Remainder of Stand 166 of Prospect, which measures 3.2323 hectares. This includes the Heart Stadium and a hotel, both of which have been integral to Magaya's religious and sporting activities.
Magaya, a popular religious figure and businessman, has been making headlines as a front-runner in the race to become president of the Zimbabwe Football Association (ZIFA). However, the financial woes surrounding his business dealings could jeopardize both his presidential bid and his vast real estate holdings.
The Heart Stadium has been a key part of Magaya's vision for supporting local football development and providing a venue for professional teams. Its potential loss could have significant implications for the football community and Magaya's influence in the sport.
Efforts to get a comment from Magaya or his legal team were unsuccessful at the time of publication.
Magaya has long been a controversial figure in Zimbabwe, known for his religious ministry under Prophetic Healing and Deliverance (PHD) Ministries as well as his business ventures, which include real estate and football.
As the deadline for ZIFA elections approaches, it remains to be seen how this legal development will affect Magaya's candidacy and future plans within the sporting sector.
The High Court of Zimbabwe's Commercial Division ruled on October 9 that Magaya's properties could be sold to settle the debt after his company, Planet Africa (Pvt) Ltd, and co-defendant Tendai Magaya defaulted on repayments. The court ordered that Magaya pay the costs of the suit on a legal practitioner and client scale.
Atherstone and Cook's legal practitioners were granted an irrevocable special power of attorney to sell a property owned by Magaya, the Remainder of Stand 166 of Prospect, which measures 3.2323 hectares. This includes the Heart Stadium and a hotel, both of which have been integral to Magaya's religious and sporting activities.
Magaya, a popular religious figure and businessman, has been making headlines as a front-runner in the race to become president of the Zimbabwe Football Association (ZIFA). However, the financial woes surrounding his business dealings could jeopardize both his presidential bid and his vast real estate holdings.
Efforts to get a comment from Magaya or his legal team were unsuccessful at the time of publication.
Magaya has long been a controversial figure in Zimbabwe, known for his religious ministry under Prophetic Healing and Deliverance (PHD) Ministries as well as his business ventures, which include real estate and football.
As the deadline for ZIFA elections approaches, it remains to be seen how this legal development will affect Magaya's candidacy and future plans within the sporting sector.
Source - the chronicle
