Prophet Magaya Accused of Duping Israeli Investors
PROPHETIC Healing and Deliverance (PHD) Ministries founder Walter Magaya is in the eye of a storm for allegedly duping Israeli investors of US$3 million in a botched mining deal, NewsDay can report.
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The case is before the High Court under Case reference No. HCH621/23 awaiting trial.
According to a memorandum obtained by NewsDay, Magaya allegedly solicited for US$3 million from investors in early 2022 under the pretence of developing a gold mine.
The PHD Ministries founder would hold 57% shareholding with the Israeli investors taking up the remainder.
According to Chanawa Law Chambers which is representing Ambassador Ronny Aharon Levi Musan, Consul General of Zimbabwe in Israel, the diplomat sourced US$3 million from Israel for the botched deal.
He gave it to Magaya to fund a certain mining project in Zimbabwe, which the self-styled prophet had presented as viable and productive.
“On receipt of the funds, Magaya attested to an irrevocable promissory note to which he acknowledged to having received the full US$3 000 000,00 and to which he committed himself to a repayment of debt structure.
Prophet Magaya Accused of Duping Israeli Investors
“Subsequent agreements were signed between the parties in anticipation of a long-term mining project whose intention was to open employment opportunities for many Zimbabweans. Regrettably, nothing good turned up from this project.“
Musan said Magaya failed to pay the loan when rightfully and legally demanded.
“This made litigation inevitable and currently parties await trial proceedings before the High Court under Case reference No HCH621/23.”
Chawawa Law Chambers said Magaya failed to register a mortgage bond on the two immovable properties identified for encumbrance according to the signed agreement between the parties.
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“It was only after the matter had been opened with the High Court under the said HCH621/23 that Mr Magaya moved to register a mortgage bond on one of the two properties.
“But this action does not remedy the breach or alleviate [sic] him from his duty to promptly repay the US$3m with accrued interest“.
The consul said:
“The mining project itself appears to have died a stillbirth as no licences have been operationalised and no significant mining activity has been activated at the mine.
“It is yet unclear whether Magaya had any rights in or to the mines he represented as owned by him or whether he ever made a serious effort to develop the mines.”
Source| NewsDay
