Browsing: Jayesh Shah

New Zimbabwe went on to report that the court ruled that in the case of First Merchant Bank failing to reimburse Shah and his company, the Bank of Zambia was held liable and, in the alternative, the Attorney General was ordered to pay if the funds could not be found. The culmination of this dispute is that Shah and his company are in for a particularly large windfall of cash. The reclusive Indian business tycoon is said to have business interests in Zimbabwe, Zambia, and India.

Despite his wins in business Jayesh Shah has never successfully shaken off the controversy that comes from the notable success a person enjoys in any endeavour. Success always breeds as many admirers as it does critics. Tendai Biti, who was Zimbabwe’s finance minister at one time during the Government of National Unity, called Jayesh Shah a “loan shark of Indian descent”.

The opposition leader made this highly disparaging remark after revelations that Jayesh Shah and another equally controversial business, Nicholas van Hoogstraten were providing cash loans to Zimbabweans against their immovable properties on unsustainable and usurious terms when the inevitable eventuality of default occurred by the borrowers, the lenders Jayesh Shah and Nicholas van Hoogstraten would move in and realize the property against which the original loan was secured.