Walter Magaya's Stadium And Hotel Can Be Sold To Settle $420k Debt - High Court
The High Court of Zimbabwe’s Commercial Division in Harare has ruled that Walter Magaya’s Heart Stadium and Yadah Hotel can be sold to pay off a debt of US$420,140.72 owed to GetBucks Microfinance Bank Limited.
As reported by Nehanda Radio, the ruling was made on October 9, 2024, after Magaya, his company Planet Africa (Private) Limited, and Tendai Magaya failed to meet their obligations.
The court ordered the defendants to cover the plaintiff’s legal costs. Additionally, a 3.2323-hectare piece of land, where the hotel and stadium are located, was declared available for sale.
A special power of attorney was also confirmed, allowing Atherstone & Cook legal practitioners to handle the sale and transfer of the property. Ruled the judge:
The first defendant’s immovable property known as certain piece of land situated in the district of Salisbury called the Remainder of of Stand 166 of Prospect measuring 3, 2323 hectares held under deed of transfer No 4076/2018 and dated 27 July 2018 is hereby declared specially executable.
The irrevocable special power of attorney issued by the first defendant to the plaintiff on 8 March 2024 authorising Atherstone & Cook legal practitioners and any of their partners to sell and transfer the property above is hereby confirmed and declared specially executable.
The defendants shall pay, jointly and severally, the one paying the others to be absolved, the plaintiff’s costs of suit on a legal practitioner and client scale, and collection commission in accordance with the Law Society of Zimbabwe by-laws.
The court ruled in favor of GetBucks Microfinance Bank Limited, ordering the defendants jointly and severally, to pay US$420,140.72, with 10% interest per month from September 11, 2024, until the debt is fully paid.
This decision could greatly impact Magaya’s business and reputation. Magaya, who founded the Prophetic Healing and Deliverance Ministry, has faced several allegations in recent years, including rape and fraud.
The Zimbabwe Gender Commission is also investigating him for allegedly sexually abusing several women from his church.
More: Pindula News
