Magaya secures payment plan in GetBucks debt case amid fresh auction threats
HARARE – Prominent clergyman Prophet Walter Magaya and his wife Tendai have struck a temporary reprieve in their long-running financial battles after paying US$180,000 to GetBucks Microfinance Bank and entering into a deed of settlement for the remainder of their outstanding debt.
The development comes after months of legal wrangling in which GetBucks sought the liquidation of the couple’s estates over a US$420,140.72 debt.
In its June 2025 High Court application, the bank accused the Magayas of insolvency, arguing that their failure to settle obligations pointed to deliberate evasion and concealment of assets.
According to court filings, the settlement followed the couple’s plea for a payment plan after paying nearly half of the debt. The deed of settlement is expected to halt liquidation proceedings provided the Magayas adhere to the agreed terms.
The Prophetic Healing and Deliverance (PHD) Ministries leader has faced mounting legal and financial setbacks in recent months.
Just this week, a separate High Court writ of execution authorised the auction of PHD Ministries’ hotel, lodges, stadium, and other developments on Stand 168, Prospect, Waterfalls, Harare.
The action was brought by Chinese national Li Xiu Yun, who successfully applied for the sale in execution under Case Number SH3294/25.
Earlier this year, the Magayas narrowly avoided the auctioning of another immovable property after their company, Planet Africa (Private) Limited, voluntarily entered corporate rescue proceedings.
Court records show that previous attempts by creditors to recover debts through movable assets were frustrated by interpleader claims from the Walter Magaya Family Trust and PHD Ministries.
The couple’s financial troubles have unfolded against a backdrop of high-profile controversies.
In recent weeks, they received luxury vehicles and a US$100,000 cash gift from businessman Wicknell Chivayo in recognition of Prophet Magaya’s work on the Heart Stadium, a facility now also at risk of being sold in execution.
