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Saturday, May 25, 2024
HomeNewsRelief for Magaya’s Botched Mining, Property Investment Victims

Relief for Magaya’s Botched Mining, Property Investment Victims

Controversial cleric, Walter Magaya’s legal team has extended an olive branch to the aggrieved victims of botched investments, proposing a monthly payment plan to settle outstanding debts.

The proposal, outlined in a letter addressed to Makiya and Partners Legal Practitioners, offers a glimmer of hope to individuals who had previously faced uncertainty regarding the recovery of their funds.

The correspondence lays out a structured approach to repayments, indicating a willingness on Magaya’s part to address the financial obligations stemming from the failed investment schemes. Under the proposed plan, payments will commence by the end of May 2024, providing a tangible timeline for the resolution of the outstanding debts.

“We propose to pay your clients in the following manner to offset our indebtedness to you,” the letter states, outlining the proposed payment terms.

This comes after Magaya’s lawyers sought an out-of-court settlement in response to letters of demand from these individuals claiming financial losses through investments in Yadah Connect and Planet Africa ventures.

The individuals, include Percy Makawonesu, Rumbidzai Dukwara, and Joseph Chinyengura, all represented by legal practitioners Makiya and Partners.

In a letter dated March 7, 2024, Makiya and Partners outlined the grievances of their clients, detailing failed promises and ambiguous agreements regarding investments made into Yadah Connect and Planet Africa initiatives.

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One victim, Rumbidzai Dukwara, recounted making substantial investments totaling US$1,000 and R90,000 in a mining venture through Yadah Connect, only to find herself empty-handed after the promised returns failed to materialize. Similarly, Percy Makawonesu claimed to have invested R100,000 in a PHD bank account in South Africa with no indication of returns.

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