Opposition FreeZim Congress President, Joseph Makamba Busha, has lost his banking licence in South Africa and is no longer a registered financial services provider.
The licence was revoked after Busha lost client’s money that he invested in Prophet Shepherd Bushiri and Enock Kamushinda’s projects, which all flopped.
Busha lost R200 million in Bushiri’s projects and R60 million in Kamushinda’s SME Bank of Namibia.
The Financial Services Conduct Authority (FCSA) found that Busha knew that he was not authorized to invest in Bushiri’s projects.
The applicant (JM Busha Asset Managers), does not meet the soundness required by section 48 of the fit and proper requirements.
The money that Busha lost belongs to various investors, including pension funds.
