Addressing an Affirmative Action Group (AAG) conference in Harare last week, flamboyant businessman, Philip Chiyangwa revealed that CABS Bank wanted to sell his White House mansion after he failed to pay back a loan from the bank and had to borrow money from CBZ bank to pay off the debt. He went on to encourage other entrepreneurs not to use their houses as collateral but rather use movable assets such as cars.
Chiyangwa added that if a bank insists on using your house as collateral you should leave that loan and look elsewhere because that bank wants to destroy you. Said Chiyangwa:
My White House mansion is very attractive and the bank desperately wanted it to go. CABS Bank is the one that loaned me money but I later on failed to pay the loan because I was defaulting buying furniture for the house. But I told them to go to hell and later got a loan from CBZ bank to pay off. From that day I changed ownership of the house to a Family Trust so that the bank won’t even touch it.