GetBucks Microfinance Bank Limited has initiated legal proceedings in Zimbabwe’s High Court to liquidate personal assets belonging to prominent religious leader Walter Magaya and his spouse, Tendai.
Court documents reveal the financial institution seeks to recover an outstanding balance of US$420,140.72, which has been accruing interest at 10% monthly since September 2024.
Financial analysts estimate the current debt may have escalated to approximately US$990,000 due to the compounding interest structure.
GetBucks Seeks Loan Repayment From Walter Magaya
Despite obtaining a favourable court judgment in October 2024, the microfinance lender reports unsuccessful collection attempts. Judicial authorisation was granted for the sale of Magaya’s 3.2-hectare Salisbury property, with an auction initially scheduled for March 28, 2025.
The execution was unexpectedly halted when Planet Africa (Private) Limited, a connected entity, filed for business rescue protection shortly before the scheduled sale date.
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Bank representatives assert they’ve conducted comprehensive asset tracing investigations without locating additional recoverable properties or financial resources belonging to the Magaya family.
Legal affidavits indicate all conventional debt recovery mechanisms have been exhausted, with court-appointed sheriffs confirming the absence of attachable assets. Financial statements submitted to the court suggest the couple may be experiencing insolvency.
Formal Demands Ignored Despite Legal Notices
Court records show that the Magayas received multiple formal demands for payment through proper legal channels, all of which allegedly went unanswered. The microfinance institution maintains it pursued all available amicable solutions before resorting to legal enforcement.
This development marks a significant escalation in the ongoing financial dispute between the religious leader and the banking institution. The High Court is expected to rule on the bank’s latest application for enforced asset liquidation in the coming weeks.
Legal experts suggest the case may set important precedents for microfinance recovery processes in Zimbabwe’s evolving financial landscape. Observers await the court’s decision on whether the property sale can proceed despite the business rescue filing by the associated company.
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The post GetBucks Approaches The High Court For Help Recovering Over US$400K Debt From Walter Magaya appeared first on iHarare News.
