BUSINESSMAN COMMITS SUICIDE OVER DEBT
A Businessman named Philip Theu has committed suicide after failing to pay back the loan which he took from Village Savings Bank, writes Saidi Winnes
MALAWI: A Businessman named Philip Theu has committed suicide after failing to pay back the loan which he took from Village Savings Bank.
The incident occurred on Monday this week at Kela Village in the area of Traditional Authority Mponda in Mangochi.
According to Mangochi Police Station Spokesperson, Amina Tepan Daudi, the businessman borrowed a sum of K500,000 which he failed to pay back upon reaching the deadline.
Said Daudi, “Theu who owned a bottle store borrowed a sum of half a million kwacha from the Village Bank Group he joined within the village."
"But then Theu failed to meet the deadline which was yesterday, a thing which prompted the group members to follow him to his house to grab his property."
It is being reported that Theu hid in the bedroom, where the loan collectors found him hanging from the room.
The matter was reported to officers at Makokola Police Unit who rushed to the scene and took the dead body to Koche Health Centre where suffocation has been indicated as the cause of death.
Meanwhile, police are appealing to the public to avoid taking their lives whenever they face challenges but rather consult other people for counseling.
Philip Theu hailed from Kela Village Traditional Authority Mponda in Mangochi