Zimbabwe Billionaire, Econet Founder and Executive Chairman, Dr Strive Masiyiwa, is on the verge of defaulting on a Public Investment Corporation loan that he used to set up his failed satellite TV venture , Kwese TV.
According to reports in the South African media, Masiyiwa had been given up to August to pay up or lose his shares in Liquid Telecoms which he used as security for the $375 Million loan.
Masiyiwa was planning to repay the debt. which was taken through Deusche Bank, from the proceeds of an IPO in Liquid Telecom, which was scrapped.
Liquid Telecoms shares up for sale
Masiyiwa is seeking buyers for between 20% to 34% of his 66% shareholding in Liquid Telecoms for as much as $600 million, according to news24.com.
The PIC had granted Masiyiwa an extension on the payment earlier this year. However Masiyiwa has failed to find buyers for his Liquid Telecoms stake due to the coronavirus.
Masiyiwa reportedly hired Goldman Sachs earlier this year to sell the stake, but talks with potential investors started unravelling after the Covid-19 outbreak intensified in March.