HF Group Refutes Allegations Over KSh4bn Hidden Bad Loans

By David Indeje / December 14, 2016

HF Group, formerly Housing finance company, has refuted allegations about the KSh4 billion in hidden Non-Performing Loans (NPLs), terming them ‘simple employment matter between employer/employee’.

Frank Ireri, the Group Managing Director in a statement seen by Soko Directory in reference to Kenya’s Daily Nation article alleged that the Group’s former Director Kevin Isika in a suit filed before the court claimed high ranking executives colluded to hide Ksh 4.3 billion bad loans, offering shareholders and regulators a false financial position.

But, Irere in response says, “The allegations of untoward behaviour on the part of Senior Management Staff and the status of the Non-performing Book are and remain mere allegations, are actually malice and are unfounded and are extraneous to the subject of the court case.”

“The allegations are merely crafted to spice up the suit which was filed arising from a disciplinary action taken by the mortgage lender against the claimant,” read the statement.

The said case was filed on 25th July 2016 and is scheduled for hearing next week (19 December). The suit is against HFC limited – Mortgage lender for alleged wrongful termination by the claimant Kevin Isika Mule.

About David Indeje

David Indeje is a writer and editor, with interests on how technology is changing journalism, government, Health, and Gender Development stories are his passion. Follow on Twitter @David_Indeje David can be reached on: (020) 528 0222 / Email: [email protected]

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