GetBucks Microfinance Bank Limited has filed a High Court case against Prophet Walter Magaya and his wife, Tendai, seeking permission to sell their personal property to recover a debt of $420,140.72. The debt carries a hefty 10% monthly interest rate, which has caused the amount to balloon to nearly $990,000 in just nine months. Despite a court ruling in October 2024, the bank claims it has been unable to recover the debt.
The bank had previously obtained court approval to sell Magaya’s 3.2-hectare land in Salisbury to settle the debt, with a planned sale date of March 28, 2025. However, the sale was halted when Planet Africa (Private) Limited opted for business rescue just before the sale. GetBucks asserts that it has exhausted all avenues to recover the debt, having failed to find any other assets or funds belonging to the Magayas.
The bank alleges that the Magayas have ignored official requests to pay the debt and that the Sheriff has confirmed there are no remaining assets to seize. With the debt continuing to accrue interest, GetBucks is pushing forward with its court case to recover the substantial amount owed.
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