Troubled preacher and businessman Walter Magaya is seeking an out-of-court settlement in response to letters of demand from individuals alleging financial losses through investments in Yadah Connect and Planet Africa ventures.
The individuals, identified as Percy Makawonesu, Rumbidzai Dukwara, Faith Gwidi and Joseph Chinyengura, are represented by legal practitioners Makiya and Partners.
Allegations against Magaya’s enterprises include promises of lucrative returns on investments in mining shares and housing schemes, with investors claiming they have yet to see any returns or refunds on their investments.
In a letter dated March 7, 2024, Makiya and Partners outlined the grievances of their clients, detailing failed promises and ambiguous agreements regarding investments made into Yadah Connect and Planet Africa initiatives.
The letter highlighted instances where investors were allegedly left in the dark regarding the status of their investments and attempts to seek refunds.
One victim, Rumbidzai Dukwara, recounted making substantial investments totaling US$1,000 and R90,000 in a mining venture through Yadah Connect, only to find herself empty-handed after the promised returns failed to materialize.
Similarly, Percy Makawonesu claimed to have invested R100,000 in a PHD bank account in South Africa with no indication of returns.
In response to these demands, Magaya’s legal representatives have expressed a willingness to settle the matters out of court, urging patience and proposing a meeting to discuss potential resolutions.
“We have received instructions from our clients Yadah CONNECT and PLANET AFRICA to represent them in the above matters kindly note our interest. Our instructions are to seek your patience and settle the matters out of court.
“We therefore kindly seek your Indulgence and ask for a meeting with yourselves and your clients at your offices at any convenience date of both of us.”
However, the specifics of any proposed settlements remain undisclosed.
Magaya’s legal troubles extend beyond the current demands for restitution, with ongoing litigation related to a separate fraud scandal involving Israeli investors. The preacher stands accused of swindling US$3 million from investors under the guise of a mining project, a case currently before the High Court.
