Prophet Shepherd Bushiri’s property in South Africa, which includes a mansion in Midrand and a string of luxury vehicles, is set to go under the hammer in order to recovery a R203 million (US$10.6m) debt the Man of God owes to an investment firm owned by Zimbabwean businessman Joseph Makamba Busha.
In addition to the R5,5 million mansion, Bushiri is set to see a Bentley, Rolls-Royce Ghost, Mercedes-Benz G Wagon, Maserati, Range Rover and a BMW all go on auction to recover the money he allegedly took from JM Busha Investments together with his wife.
When the Bushiri’s fled South Africa in 2021, a driver linked to them was arrested for trying to smuggle a Volkswagen Kombi and Mercedes-Benz Viano over the border.
The Bushiris and two others were arrested in 2020 in connection with fraud, money laundering and theft worth more than R102 million.
The pair fled the country a week after they were granted R200 000 bail. They were facing fraud and money laundering charges.
JM Busha Asset Managers was stripped of its license as a registered Financial Service Provider (FSP) in April last year because of the deal, as the FSCA found that its assets did not exceed its liabilities.
“The applicant (JM Busha Asset Managers) does not meet the financial soundness required by Section 48 of the fit and proper requirements.
“The solvency test has not been met because the current liabilities exceed the current assets,” a tribunal declared. Zambian Observer