Controversial prophet's Rustenburg hotel sold amid mounting debt and creditor pressure
Controversial prophet’s Rustenburg hotel sold amid mounting debt and creditor pressure.
(The Post News)- Shepherd Bushiri, a self-proclaimed prophet, has sold his valuable Rustenburg hotel to new owners due to overwhelming debt. The hotel, worth R20 million, was seized in 2020 amid allegations of fraud and money laundering. Bushiri’s company, Shepherd Bushiri Investments, faced significant financial struggles, leading to the sale.
The sale comes as Bushiri faces intense pressure from creditors, including the South African Revenue Service (SARS), which claims R15 million in unpaid taxes. Other creditors, such as construction firms and former employees, have also demanded payment.
Bushiri’s financial troubles raise concerns about the sustainability of his business ventures and the impact on his followers. The sale of his luxurious Sparkling Waters Hotel & Spa in Rustenburg to JM Busha Investments has further weakened his business empire.
The hotel’s transfer follows owner Mo Ibrahim Bushiri’s failure to repay a R200 million loan from JM Busha Investments in 2020. The city of Johannesburg is also attempting to seize his mansions to recover unpaid taxes.
This situation raises questions about the stability of Bushiri’s ECG church and the investments made by his followers. The sale of his hotel has increased worries about the fate of his other ventures and assets, leaving his loyal followers uncertain about his future.
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