Zimbabwe News and Internet Radio

Phillip Chiyangwa named in bank looting

By Roadwin Chirara

HARARE – Flamboyant businessman Phillip Chiyangwa has been fingered as a $2,5 million debtor in Interfin Bank Limited (IBL), while Central Intelligence Organisation (CIO) boss Happyton Bonyongwe’s company holds shareholding in the stricken bank.

Philip Chiyangwa
Philip Chiyangwa
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The sensational claims come as the Pinnacle Property Holdings (Pinnacle) founder in April sold a major Harare property to extinguish an $8 million debt with CBZ Bank Limited.

On the other hand, Bonyongwe’s family business Brinski Investments (Private) Limited (Brinski) was also listed as a five percent shareholder in Interfin Financial Services Limited (IFSL) where businessman Farai Rwodzi holds a major stake.

“Pinnacle is a property investment group with eight subsidiaries involved in various aspects of real estate… and property development. The company was granted a $2 million facility… for the development of Pentagon Place (Pentagon), a five-star hotel,” people close to the development said.

“The facility was granted (on) security of a second mortgage bond of $3 million. The facility expired on April 30, 2012 and the company has been unable to meet its repayment obligations,” they said. Although Chiyangwa confirmed the facility, he insisted that he did not owe the closed bank directly. Daily News