Controversial self-proclaimed prophet Shepherd Bushiri, his wife Mary and their company have failed in their bid to overturn a South Gauteng High Court in Joburg judgment, forcing them to repay a loan of over R203 million.
The fugitive couple and their company Shepherd Bushiri Investments, of which they are both directors and jointly held 80% on the shareholding, had tried to have the March 2020 judgment by Acting Judge Livhuwani Vuma, which ordered them to pay Zimbabwean businessman and politician Joseph Busha’s JM Busha Investment Group the capital and outstanding interest on a loan that they had obtained from his (Busha’s) firm.
Bushiri was expected to repay the loan at an interest of the applicable rate but if interest was not paid on time there would be a penalty calculated at the applicable rate plus 2%.
The JM Busha Investment Group told Judge Manoim that Shepherd Bushiri Investments failed to make payments of the interest incurred, forcing the company to issue a letter of demand and later instituting proceedings against the Bushiri couple and their entity for the payment of more than R203.5m at 15.25% interest.
A few days before the matter was heard by Acting Judge Vuma in March last year, Bushiri’s lawyer asked the JM Busha Investment Group’s attorney to postpone the hearing for 60 days to allow the couple and their company to access offshore funding, which due to SA Reserve Bank requirements were not readily obtainable.
They were charged with another couple, Willah and Zethu Mudolo, and their co-accused Landiwe Ntlokwana and are out on bail ranging from R250 000 to R20 000.
In July last year, the Bushiris and their company were also unsuccessful in their urgent application to interdict the JM Busha Investment Group from taking any steps by Acting Judge Vuma’s judgment.
South Gauteng High Court Judge Mpostoli Twala found that the balance of convenience favoured the JM Busha Investment Group as it has not received payment of its capital of R200m plus interest and that the prejudice to be suffered by blue-collar workers whose pension funds contributions constitute the entire loan.
Source: News365
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