Stanbic Bank has foreclosed (grabbed) farms of former rich man Costain Chilala and put them on sale to recover the money he borrowed but failed to pay.
And the Watchdog has been reliably informed that Chilala’s application for further loans from almost all local commercial banks have been rejected due to his failure to service existing loans. Chilala has tried to attract investment from abroad to his farms but failed after potential investors checked his books.
Meanwhile yesterday (4 June 2018) Chilala agreed to be paraded at a PF rally after it was arranged that president Edgar Lungu will order the Development Bank of Zambia to give Chilala a loan even though the bank has rejected his application before due to his bad record and incapacity to repay.
What this means is that the Development Bank of Zambia will be pouring public money into a drainage as the money it will give him will be used to pay off existing loans. And it is criminal for Lungu to interfere in the work of the Development Bank of Zambia, decisions to give loans should be made by bank experts not politicians.
The Watchdog will be monitoring DBZ from today. And the Watchdog will soon give a detailed report on how Chilala blew up his fortunes.
See the adverts on Chimsoro farms by Knight Frank