Bushiri’s offshore assets worth millions targeted

Johannesburg – An investment company has obtained an urgent court order to freeze assets, including properties in England and Dubai and a luxury car worth over R20-million belonging to fugitive prophet Shepherd Bushiri.

JM Busha Investment Company is also gunning for a Rustenburg hotel, which is believed to be worth hundreds of millions and possibly the R5-million Midstream Estate house that the state seized when Bushiri and his wife, Mary, skipped the country last month.

Bushiri’s Bugatti Veyron is valued at R20-million to R30-million.

According to court papers in our possession, JM Busha said the Bushiris and their company, Shepherd Bushiri Investments, consented to an order on March 23 this year that they were jointly and severally liable to the amount of over R200-million with interest.

Also read: Bushiri’s luxury home forfeited to the State 

The company said the other terms of the order were that it could dispose of the Bushiris’ various immovable properties and that it could perfect its pledge of various moveable assets that were subject to general notarial bonds.

Sheperd Bushiri, Sparkling Waters Hotel in Rustenburg.

It said the execution of the order was suspended on condition the Bushiris paid the money this year with arrears due on or before March 31 , R100-million on or before April 20 and over R103-million on or before May 10.

JM Busha added that in June it approached the Bushiris about the p ayment , but the couple advised that the moveable items secured by the notarial bonds were old and effectively had little or no value.

It further stated that immovable properties that were subject to the order consisted of Sparkling Waters Hotel situated in Rustenburg.

Have you read: BLF calls on SA government to stop harassing Bushiri

But due to the COVID-19 pandemic, the hotel had not traded and there had been no money to maintain it, thus it had suffered some damage and required a substantial amount to be spent on it every month to restore and maintain it.

JM Busha said the Bushiris promised to pay it the full amount in terms of the order on or before November 16. Concerned about the value of the moveable assets and cost of maintaining the immovable properties, the company said it opted to wait for the payment on November 16. But the Bushiri fled the country on November 13.

Sheperd Bushiri and his cars.

“On Sunday afternoon, November 15 2020, I became aware via television news that the respondent and his wife had absconded to Malawi. Needless to say, on Monday November 16 2020 no payment… was received from the respondent and or his wife.

“I accordingly believe that at the time of my conversation on November 9 2020, the respondent was well aware of his intention to flee the Republic of South Africa, prior to the promised date of payment to the applicant.

“I, therefore, submit that the respondent has committed an act of insolvency in terms of section 8[a] of the act,” read the papers.

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JM Busha said the Bushiris also have assets in England, the US and Dubai and that the order was necessary to protect it and other creditors.

The order in our possession reads in part: “The estate of the respondents is placed under provisional sequestration in the hands of the Master of the High Court, Johannesburg.”

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