Shock As Local Bank Denies 'Rich' Mugabe's Son Heifty Credit

Shock As Local Bank Denies 'Rich' Mugabe's Son Heifty Credit
Published: 2016 September 30 19:14:54 (3866 Views)

HARARE - IN a rare incident, President Robert Mugabe’s teenage son Bellarmine Chatunga has been denied a bank loan because of politicians who do not service their loans after borrowing from local banks, a report by a local publication reveals. 

Lavish Chatunga reportedly lost a bid to borrow US$380 000 from a local commercial bank - BancABC - to fund his undisclosed business venture. 

Chatunga’s loan application comes at a time when his own family business empire, Gushungo Holdings, has been surviving on bank loans which it is struggling to service. 

Media reports indicate that Chatunga — 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 but his proposal was however rejected by the financial institution, citing high political risk.

According to The Zim Independent, Chatunga (19) — Mugabe’s last born — who is well-known in social circles for pursuing a lavish lifestyle - approached the bank in the capital Harare last month pushing for a loan at its corporate finance division to fund his "nondescript businesses and extravagant way of life".

But the bank rejected his application "as it seeks to contain non-performing credit to politically exposed persons on its books", the publication said. 

"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 is quoted as saying by The Zimbabwe Independent. 

“The bank is currently owed millions by many politically exposed individuals and businesses, and thus its management is now strict on lending.”

BancABC managing director Joe Sibanda could not be reached for comment as he was said to be in a meeting with the group chief executive John Vitalo. Chatunga could also not be reached for comment.



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