harare24dmin By: Nicholas Ncube
Few figures command the mixture of respect, fear, and sheer awe that surrounds Jayesh Shah. Often described as a “lender of last resort,” Shah and the companies he is associated with wield a financial power so potent it is rumored to have sent even the nation’s most powerful political and business figures into panic.
Shah is the ultimate enigma: a businessman with an international profile who shies away from publicity, yet whose name repeatedly dominates the court reports in the most acrimonious commercial disputes.
Who is Jayesh Shah, and where does his immense power originate? The answers lie in his early regional business history and his successful navigation of Zimbabwe’s unique, dollarized financial environment.
Shah’s source of wealth is reported to have its history in Kenya and Zambia. His business interests are largely shrouded in mystery, but include: Gift Investments (Pvt) Ltd (Zimbabwe), Saturn Trading Investment, Al Shams Building Trading (United Arab Emirates).
Shah’s power stems from his access to deep, US dollar-denominated liquidity at a time when conventional banks are highly restrictive. He operates as the essential “financial firefighter” for prominent, cash-strapped entities and individuals, including those in government and highly visible businesses.
He famously lent money to a listed group in 2009 when the economy was facing tight liquidity conditions. Former Finance Minister Tendai Biti publicly accused Shah of assuming the role of a central bank by playing lender of last resort, a charge the businessman disputes.
Shah’s reach extends far beyond local borders, giving him a powerful advantage over purely domestic competitors. He has been reported to hold various bank accounts with reputed international banks such as HSBC and BNP Paribas.
His international ventures are exemplified by a massive US$300 million damages claim he and his wife launched against HSBC Private Bank in London over the bank’s delay in executing transactions due to a suspicion of money laundering. Although the claim was dismissed by the London Court of Appeal, the case highlighted the enormous scale of his offshore wealth and his willingness to take on global banking behemoths. Furthermore, he recently made headlines for receiving a massive payout of over US$139 million from the central bank of Zambia, settling a longstanding dispute dating back 24 years.
Shah has an unwavering legal persistence and a rare willingness to pursue prominent defaulters to the full extent of the law, often seizing the collateral—high-value commercial properties or major shareholdings pledged by the nation’s elite.
The long-running legal feud with former ZUPCO Chairman Professor Charles Nherera was a demonstration of Shah’s determination. The dispute was rooted in a bus supply contract where Shah became the State’s key witness in a corruption case against Nherera, who was later convicted. After Nherera’s conviction was overturned and he was acquitted by the High Court, he launched a civil lawsuit against Shah for malicious arrest and prosecution.
The Supreme Court ordered Shah to pay Nherera US$130,000 in damages, though the legal war continues as Shah was recently granted direct access to challenge this ruling at the Constitutional Court. The case illustrates the deep pockets and long memory of Shah.
Shah secured the seizure of shareholdings in furniture companies from the late former Minister, Oliver Chidawu, after a defaulted US$3 million loan. He also had bruising tussles with prominent banker Patterson Timba over unpaid debts.
Jayesh Shah remains the man who holds the keys to the vault—the ultimate risk-taker who supplies desperate capital and whose relentless pursuit of collateral has ensured his financial prominence and notorious reputation.
