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Those who had paid $1,000 were reimbursed in 1,000 bond notes, said the former member. 1 US dollar is equivalent to 361 bond notes. They have replaced the Zimbabwean dollar since the collapse of the economy in the past decade. Zimbabwean bond notes are banknotes in circulation in Zimbabwe released by the Reserve Bank of Zimbabwe. She said the meeting was attended by a huge crowd of other investors.Īt the meeting some people pulled out of the investment deal but were paid in Zimbabwean bond notes, not in the US dollars they had invested. She said in December 2018 she went to Zimbabwe for a meeting with Magaya at the Yadah Hotel in Harare, planning to get her money back. Section 6 of the housing project MOA she signed in 2016 states: “In fulfilment of the terms of this mutual understanding the seller shall service the land within a reasonable time from the date of signature of this MOA, which in any event shall not extend beyond a period of two years from the date of signature.” Clause 9 states, “The duration of this MOA shall be 24 months of the date of signature of an agreement of sale for a specific, fully described residential stand.”
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If, on the other hand, Yadah failed to subdivide the land within the time frame, the company was to pay the investor “the full amount paid” plus 20%. If the partner did not keep up the payments during the two years, 80% of his or her investment was to be refunded. The MOU also states that Yadah had to “service the land within a reasonable time from the date of signature of this MOU” and in any event not later than two years. In the MOU they acknowledged that the land was not yet subdivided but that they would nevertheless start making payments.
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Meanwhile “partners” were to make further payments over two years, according to what they could afford. The church promised to allocate the residential stands after the land had been subdivided by the municipality. Meanwhile the “partners” undertook to pay a deposit of $1,000 as a “commitment fee”. The price of each stand was to be determined later, depending on location and size. The seller (Yadah) accepted the offer “subject to availability” in the location chosen by the partner.
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The MOU, of which GroundUp has copies, recorded an offer by “partners” to purchase a residential stand “in any area in Zimbabwe where the seller has acquired and is developing and subdividing the land into individual residential stands, upon completion of such subdivision”.
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The MOU says “Planet Africa in 2016 launched housing projects around Zimbabwe to give effect to PHD Ministries’ Redemption Program, whose objective is to see every partner of PHD Ministries owning a house of their own”. Planet Africa is described in the MOU as “the investment arm of the Prophetic Healing and Deliverance Ministries”. The agreements were signed with Planet Africa, or with its subsidiary Yadah Connect.