Zimbabwe 2018 Presidential candidate , Joseph Makamba Busha , wants Bushiri’s frozen R400 Million assets so that he can pay back pensions funds who invested in his company, JM Busha Investments.
The assets were given to Busha’s company by Bushiri as security before Busha invested millions from pension funds into Bushiri’s Sparkling Waters Hotel development in 2017.
Bushiri told pension fund trustees this week that he has obtained a court order to attach Bushiri’s assets to reclaim the pension funds’ money.
Busha said this was his first time to invest with Bushiri and he did not know him before investing in the project.
Busha says the trustees were aware of the investment and even extended the period of investment after the excellent returns of 40% in the first year.
However, Bushiri’s assets were frozen when he was arrested for money laundering and are not available for sale.
Below is the full list of affected pension funds:
Electrical Contracting Industry Pension Fund – R 140 Million
Engineering Industries Pension Fund – R27 Million
Metals Engineering Fund – R21 Million
SA Municipal Workers Union – R7 Million
Busha also invested R 60 million with Enock Kamushinda’s failed SME bank in Namibia.
Please read the full story in today’s Sunday Times – 13 September 2020