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[QUOTE="Queen, post: 86995, member: 27"]
A failed mining deal just turned into a US$3 million court-ordered payback that could cost Walter Magaya's property if he stalls.

High Court ruling on US$3 million
[LIST]
[*]The High Court ordered Walter Magaya to return US$3 million.
[*]Justice Maxwell Takuva handled case HC 621/23.
[*]Judges rejected Magaya’s claim that exchange laws voided the deal.
[*]Immovable property can be seized if repayment drags.
[/LIST]
Dispute over exchange control laws
[LIST]
[*]Magaya argued that sections 4 and 11 made the contract illegal.
[*]His team pushed to settle the debt in local currency.
[*]Ambassador Ronny Levi Musan opposed any non-dollar repayment.
[*]Musan’s lawyers said foreign capital falls outside those rules.
[/LIST]
Origins of the mining arrangement
[LIST]
[*]Israeli investors advanced funds for a proposed mining project.
[*]Zimbabwe’s Consul General in Israel facilitated the introductions.
[*]Advocate Garikai Sithole represented Magaya in court.
[*]Advocate Tazorora Musarurwa acted for Musan.
[/LIST]
Interest claim and wider legal trouble
[LIST]
[*]The investor is demanding 3 percent monthly interest from 1 July 2022.
[*]Interest is compounded monthly until the balance is cleared.
[*]Separately, Magaya faces four rape counts he denies.
[*]He recently accused Emmanuel Makandiwa and UFIC of influencing prosecutors.
[/LIST]
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