- Published on 30 September 2016
- Written by Online Writer
President Mugabe’s son, Bellarmine Chatunga has been denied a $380 000 loan by a local bank.
Chatunga (19) — Mugabe’s last born — approached a local commercial bank, BancABC through its branch in Mt Pleasant last month pushing for a loan at its corporate finance division to fund his nondescript businesses and extravagant way of life.
Sources have told the Zimbabwe Independent that the President’s son — who has business interests in retail and entertainment — had a meeting with Lincoln Farai Chirinda who works for BancABC’s corporate finance department to get money. His proposal, the sources said, was however rejected by the financial institution, citing high political risk.
“Chatunga approached the bank around August 23 for a loan. He wanted to secure funding for his business interests, but this application was rejected by the corporate finance department,” a banking source said. “The bank is currently owed millions by many politically exposed individuals and businesses, and thus its management is now strict on lending.