Prophet Magaya makes arrangements to pay US$420k debt

Published: 14 hours ago

Harare-based preacher Prophet Walter Magaya and his wife Tendai have secured a reprieve in their ongoing financial troubles after paying US$180,000 to GetBucks Microfinance Bank and signing a deed of settlement for the remainder of their outstanding debt.

The arrangement follows months of legal wrangling in which GetBucks sought the liquidation of the couple's estates over a US$420,140.72 debt. In a High Court application filed in June 2025, the bank accused the Magayas of insolvency, alleging that their failure to meet financial obligations was a deliberate attempt to evade payment and conceal assets.

According to court documents, the latest settlement was reached after the couple offered to pay the debt in instalments, having already cleared nearly half of the amount. The deed of settlement effectively suspends liquidation proceedings on the condition that the Magayas honour the agreed payment plan.

The Prophetic Healing and Deliverance (PHD) Ministries leader has faced mounting financial and legal pressures in recent months. Only last week, the High Court issued a writ of execution authorising the auction of PHD Ministries' hotel, lodges, stadium, and other developments on Stand 168, Prospect, Waterfalls, Harare. The case was brought by Chinese national Li Xiu Yun, who successfully applied for the sale under Case Number SH3294/25.

Earlier this year, the Magayas narrowly avoided losing another property after their company, Planet Africa (Private) Limited, voluntarily entered corporate rescue proceedings. Court records also show that previous attempts by creditors to recover debts through movable property were blocked by interpleader claims filed by the Walter Magaya Family Trust and PHD Ministries.

The settlement with GetBucks provides temporary relief, allowing the couple to continue managing their assets while adhering to the court-approved payment schedule.
- online

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