{"id":66875,"date":"2022-09-28T18:16:14","date_gmt":"2022-09-28T16:16:14","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/south-africa-zimbabwes-presidential-aspirant-loses-financial-services-licence-over-loan-to-shepherd-bushiri"},"modified":"2022-09-28T22:08:43","modified_gmt":"2022-09-28T20:08:43","slug":"south-africa-zimbabwes-presidential-aspirant-loses-financial-services-licence-over-loan-to-shepherd-bushiri","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/south-africa-zimbabwes-presidential-aspirant-loses-financial-services-licence-over-loan-to-shepherd-bushiri","title":{"rendered":"South Africa: Zimbabwe\u2019s Presidential Aspirant Loses Financial Services Licence Over Loan To Shepherd Bushiri"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>A Zimbabwean presidential aspirant has had his license withdrawn over an R200 million loan granted to Malawian preacher Shepherd Bushiri, according to Sunday Independent.<\/p>\n

The South African Financial Sector Conduct Authority (FSCA) withdrew Joseph Makamba Busha\u2019s JM Busha Asset Managers\u2019 licence as a registered financial service provider (FSP) in April last year.<\/p>\n

JM Busha Asset Managers\u2019 attempt to challenge the FSCA\u2019s ruling at its Financial Services Tribunal was unsuccessful as it was dismissed on September 14, according to the tribunal\u2019s written decision.<\/p>\n

According to the FSCA, JM Busha Asset Managers invested its clients\u2019 money in Inyatsi Construction Group Holdings (R150m), Shepherd Bushiri investments (R200m) and SME Bank of Namibia (R60m).<\/p>\n

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.<\/p>\n

in 2017, Shepherd Bushiri Investments received an R200m loan from JM Busha Investment Group to renovate the Enlightened Christian Gathering Church head\u2019s luxury Sparkling Waters Hotel and Spa in Rustenburg in the North West.<\/p>\n

JM Busha Asset Managers was found by the FSCA to have breached its mandate.<\/p>\n

When Bushiri was arrested for fraud and money laundering in October 2020, Busha called the preacher to enquire about the non-payment, and the Malawian pastor promised to make payment in full within a week.<\/p>\n

However, before the end of that week, the Bushiris left South Africa and returned to Malawi.<\/p>\n

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 withheld this information from its client.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. A Zimbabwean presidential aspirant has had his license withdrawn over an R200 million loan granted to Malawian preacher Shepherd Bushiri, according to Sunday Independent. The South African Financial Sector Conduct Authority (FSCA) withdrew Joseph Makamba Busha\u2019s JM Busha Asset Managers\u2019 licence as a registered financial service provider (FSP) in April last year. […]<\/p>\n","protected":false},"author":84,"featured_media":66874,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,35,12,15],"tags":[1493,2189,12026,1513,19],"class_list":["post-66875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-joseph-makamba-busha","tag-shepherd-bushiri","tag-zimbabwe"],"yoast_head":"\nSouth Africa: Zimbabwe\u2019s Presidential Aspirant Loses Financial Services Licence Over Loan To Shepherd Bushiri - zimbabwe<\/title>\n<meta name=\"description\" content=\"A Zimbabwean presidential aspirant has had his license withdrawn over an R200 million loan granted to Malawian preacher ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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