Zimbabwean businessman might lose his Johannesburg home due to debt

Zimbabwean businessman might lose his Johannesburg home due to debt

- James Makamba, 66-year-old Zimbabwean businessman, has failed to make necessary payments after putting up his R4.5 million house in Sandhurst, Johannesburg as surety

- He is now in a position where Absa will reposes his house unless payments are made, but with his current financial troubles, it appears that he won't be able to comply with the payment request on time

- After a 13-year exile from Zimbabwe following 3 arrests on account of currency exchange violations and a falling out with Zanu PF, will he choose to return to his home country?

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Zimbabwean national James Makamba is facing the repossession of his Sandhurst house, Villa Royale. This follows a period during which he failed to make payments on other assets for which he put his house up as security. According to Business Live, he owes Absa R59 million.

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His business ventures have suffered because of the ordeal. The 30.25% shares he owned in Telecel International have been sold, according to TimesLIVE.

Following lack of payment on some of his other assets, Briefly.co.za gathers the chances are good that Absa will proceed with the repossession. TimesLIVE has reported that he has written to the bank to make amends. The payment attempt, which would have been made in US dollar-denominated Treasury bills of one-year tenure, was not accepted at the time.

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Makamba had fled Zimbabwe 13 years ago. This was because of 3 arrests and what he believed was a threat on his life. The threat came from former Zimbabwean president Robert Mugabe. The reason behind the threat was an apparent affair between Makamba and Grace Mugabe.

Time will tell whether or not he is able to make payment on time and if he will return to Zimbabwe or remain in South Africa.

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Source: Briefly.co.za

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