Chile's President Bachelet calls son's loan scandal "painful"
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Chile's President Bachelet calls son's loan scandal "painful"

Chile’s president says she’s lived through “painful moments” due to allegations her son got privileged access to a bank loan.

President Michelle Bachelet spoke for the first time about the issue Monday after returning from vacation. She said she found out about it through the press, and that she’s suffered “both as a mother and a president.”

Her son Sebastian Dávalos and his wife are accused of benefiting from privileged treatment in receiving a $10 million loan to buy land later sold for about $15 million.

The loan was fast-tracked for approval by the Banco de Chile after the couple met with its vice president, Andrónico Luksic, one of Chile’s richest men. It was approved a day after Bachelet was elected president in December 2013.

Associated Press