Bushiri ‘farts’ on Busha’s bid to oust Mnangagwa

Harare- CONTROVERSIAL Malawian  prophet  Shepherd Bushiri has made an  immense contribution in derailing presidential aspirant Joseph Makamba Busha’ s race to State House, Express Mail  Zim can report.

The financial intelligence expert  fronts the Freezim Congress leader and his political career has been thrown on the doors of the cemetery after his dealings with Bushiri.

Busha, (56) has already launched his presidential bid and is expected to square off against  Mnangagwa and Citizens Coalition for Change leader Advocate Nelson Chamisa in the 2023 elections.

Through his wheelie dealing with Bushiri, his company  JM Busha Assets Managers  licence was withdrawn by South Africa’s Financial Sector Conduct Authority (FSCA) over an R200 million loan he granted to Bushiri. 

The company was stripped of its licence as a registered financial service provider (FSP) in April last year in terms of the determination of the fit and proper requirements after the FSCA found that its assets did not exceed its liabilities.

JM Busha Asset Managers’ attempt to challenge the FSCA’s ruling at its Financial Services Tribunal was unsuccessful as it was dismissed on September 14, according to the tribunal’s written decision.

The company was also required to comply with the additional asset, working capital and liquidity requirements at all times and submit half-yearly annual statements, among others. According to the FSCA, JM Busha Asset Managers invested its clients’ money (two pension funds and three provident funds) — Inyatsi Construction Group Holdings, Shepherd Bushiri investments and SME Bank of Namibia.

In Shepherd Bushiri investments, the company invested R200m, R150m in Inyatsi and R60m in SME Bank. JM Busha Asset Managers has indicated that it has recovered the R150m invested in Inyatsi and has initiated steps to recoup the other outstanding amounts from Shepherd Bushiri investments and SME Bank.

In July,  media reported that the South Gauteng High Court confirmed Bushiri’s provisional sequestration following the JM Busha Investment Group’s application to force the Malawian fugitive to repay R100m and another R103.5m that were due in April and May 2020.

Shepherd Bushiri Investments entered into a loan agreement with the JM Busha Investment Group in 2017 to be lent R200m, which was to be used to renovate the Enlightened Christian Gathering Church head’s luxury Sparkling Waters Hotel and Spa in Rustenburg in the North West.

After investigations, JM Busha Asset Managers was found by the FSCA to have underwritten a credit instrument to Shepherd Bushiri Investments for the funding of the renovation and expansion of the Sparkling Water Hotel development, which was a breach of its mandate. Following the Bushiris’ arrest for fraud and money laundering in October 2020 and their release on bail, after which the couple and their children fled South Africa, Busha called Bushiri to enquire about the non-payment, and the Malawian pastor promised to make payment in full within a week.

However, before the end of that week, the Bushiris hastily left the country and returned to Malawi. The South African government is currently busy with the extradition process. The FSCA found that JM Busha Asset Managers knew that it was not authorised to invest in Shepherd Bushiri Investments and that JM Busha Asset Managers also did not stop there but went on to keep this information from its client.

“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,” the tribunal declared.

JM Busha Asset Managers’ authorisation was withdrawn due to its contravention of the fit and proper requirements, the code of conduct for administrative and discretionary FSPs and the general code of conduct for authorised FSPs and representatives, as well as the Financial Advisory and Intermediary Services Act.

Former Freezim Congress national executive member who preferred anonymity told Express Mail Zim that  this is a huge blow for Busha and his Freezim Congress party. 

“I worked with Freezim during the 2018 harmonized elections and we all knew that JM Busha Assets Managers was our chief funder.

“Now that the license is gone I don’t think he (Bisha) will still be politically active,” said the former Freezim executive member. 

Busha’s licence lose comes barely after 3 years when he had a messy divorce battle with his South African wife Nomakhwezi who demanded R69, 000 per month among other benefits as maintenance. 

On his manifesto presented at Newshawks boardroom on Harare where this reporter was in attendance, he articulately spelt out his stance against corruption but  details on the ground points out that he is approaching the presidential race with ‘dirty hands’.

The beleaguered company in question was also sucked in the looting at SME Bank in Namibia spearheaded by  Metbank founder Enock Kamushinda. 

The saga saw the deportation of several  Zimbabwean nationals who were  executives at the bank. 

Busha could not be reached for comment but our sources eavesdropped on him stating that his dealings with Bushiri were above board and he had “all the property guaranteed and he summoned guarantees before granting the loan”.