Chatunga Mugabe applies for $380,000 loan, bank says no
By Tatenda Dewa | Harare Bureau |
Bellarmine Chatunga, President Robert Mugabe’s younger son, in August approached a local bank, BancABC seeking a $380,000 loan, but the financial house gave him a flat no, according to a new report.
The Zimbabwe Independent quoted unnamed sources at the bank revealing that Chatunga, well-known for a lavish lifestyle, had applied for the loan to fund obscure businesses.
He reportedly met with Lincoln Farai Chiringa who works in the BancABC corporate finance department on August 23 at the Mount Pleasant branch.
The bank, however, rejected his application because of the political risk it posed.
BancABC is said to be owed an estimated $2.8 million by clients who are politically exposed, among them politicians, army bosses and judges.
The Mugabe family business, Gushungo Holdings, is currently reeling under a $20 million debt, with Mugabe claiming at one time that the first family’s employees were stealing from the agro-company.
Its subsidiary, Alpha Omega Dairy (Pvt) Ltd, has also been making steep losses over the years.
Chatunga, at 19, is said to have interests in entertainment and retail business.
The younger Mugabe son has been embroiled in numerous controversies, among them wild partying and shady love relationships.
His father has publicly admitted that Chatunga neglected his education.
It was not immediately clear how he specifically planned to use the loan he was seeking from BacABC. Nehanda Radio
