Wazua
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Housing Finance: HFCK a diamond in the rough
Rank: Chief Joined: 1/3/2007 Posts: 18,136 Location: Nairobi
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obiero wrote:obiero wrote:Spikes wrote:obiero wrote:Ericsson wrote:Obiero kama hutaki kutoa pesa afadhali useme Pesa lazima nitoe.. Muda ndio nahitaji @Obiero is perfectly cornered and is left without escape route....The only option for this savvy trader from great lakes region is to forgo exchange bar comfort to bow to insatiable pressure fellow Wazuans are uncontrollably nagging on him... Tomorrow at the exchange bar from 11pm.. Will be there to settle and collect bank financials for q4 I have the results in hand.. HF steady as ever. Meanwhile, @vvs and @Ericsson failed to collect their cash. I was at the designated place at the agreed hour.. Too bad I don't know what you look like! Plus why waste cab fare? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/23/2009 Posts: 13,568 Location: nairobi
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VituVingiSana wrote:obiero wrote:obiero wrote:Spikes wrote:obiero wrote:Ericsson wrote:Obiero kama hutaki kutoa pesa afadhali useme Pesa lazima nitoe.. Muda ndio nahitaji @Obiero is perfectly cornered and is left without escape route....The only option for this savvy trader from great lakes region is to forgo exchange bar comfort to bow to insatiable pressure fellow Wazuans are uncontrollably nagging on him... Tomorrow at the exchange bar from 11pm.. Will be there to settle and collect bank financials for q4 I have the results in hand.. HF steady as ever. Meanwhile, @vvs and @Ericsson failed to collect their cash. I was at the designated place at the agreed hour.. Too bad I don't know what you look like! Plus why waste cab fare? Too late.. The offer stood while it stood COOP 70,000 ABP 15.20; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,707 Location: NAIROBI
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Obiero Just stay with your money;it's not like we are desperate for it. Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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Ericsson wrote:Obiero Just stay with your money;it's not like we are desperate for it. 100,000 -failed 11,000 -failed 89,000- ? Towards the goal of financial freedom
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Rank: Elder Joined: 6/23/2009 Posts: 13,568 Location: nairobi
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Ebenyo wrote:Ericsson wrote:Obiero Just stay with your money;it's not like we are desperate for it. 100,000 -failed 11,000 -failed 89,000- ? Hahaha.. Catching mafeelings COOP 70,000 ABP 15.20; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 6/23/2009 Posts: 13,568 Location: nairobi
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Flo-ology wrote:obiero wrote:obiero wrote:Ericsson wrote:@Obiero I see closing price of 12.55 gain of 4.58% and volume traded of 1,300.
The lack of support on volume since the slide began is telling.. We shall cross 14.5 before new years KES 5,500 pledge to @vvs and @ericsson each, that today we shall touch a high of KES 14 @Obiero, Time to honour your pledge: Time 2:41: Demand of 1000 @12.6 against supply fo 7500@ 13.5 A closing high of KES 14.35 as at 30.12.2016.. As @guru said, the current price on HF is irrational.. The exchange bar never falters. We should be close to KES 20 by results release https://www.nse.co.ke/ma...tatistics&Itemid=190 COOP 70,000 ABP 15.20; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 6/23/2009 Posts: 13,568 Location: nairobi
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obiero wrote:MaichBlack wrote:obiero wrote:obiero wrote:young wrote:Thanks to you @Obiero. You made me to join this bus. After watching it rise rom 14 to 24, I finally joined in at 24.75.
No regrets at all. Thanks once again to @Obiero , thanks to you @Wazua. @young karibu tena. funny how africans behave. i buy at 14 and sell at 25, they mock me! @obiero sold some HFCK @25, all KCB @60, some COOP @22.. Kenyan banks are struggling to retain deposits. Its looking bad And after @Obiero sold all KCB @60 he bought KQ @ something like 13/=. @Obiero - You should be telling the complete story! Oops!!! Haha. Wacha propaganda bwana. This question has been asked several times. I disposed KCB worth over KES 0.6m and bought only a couple of KQ from that sale.. Plus my average buy price of KQ stands at KES 8.8 which shall be tested in two months time.. Thank me later TBT COOP 70,000 ABP 15.20; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 11/5/2010 Posts: 2,459
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https://www.standardmedi...sing-finance-loans-scam
From what I have observed locally, you don't fire anyone from such a position without giving them a soft landing. This guy knows these disclosures are going to hurt HF where it matters most.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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kenyanwallstreet.comQuote:THE HOUSING FINANCE GROUP ALLEGED FRAUDFrom the filings in industrial court, the case against Housing finance and former credit manager Kevin Isika, and our investigation of HF financial statements here are the brief summary of current events. (kindly note this was copied from the court case file word by word as written by the former credit manager Kevin Isika in his law suit against Housing Finance) The findings after going through the court file, as written by Kevin Isika. As of 29th March 2014, the company’s total assets were 33 billion and 12.5 billion is past due between 0-90 days and only 5 billion is classified as nonperforming. 1.48 billion projects incorrectly classified as normal yet they are nonperforming. 1.8 billion projects classified as (normal) but there are weaknesses which may impact the projects to sub standard if evaluated further. Loophole in interest calculation known by employees with customers benefitting from it. Geoffrey Mwaura – Head of collections, Report attached detailing extortion from customers. Belinda Nganga – Head of legal and involved in extortion, report is attached in the court files. Geoffrey Kimaita – General manager liabilities, formerly collection, who has since resigned. Various reports detailing extortion and death threat to customers. Mark Mactouff- Project clerk fired for fraud and forgery but despite being wanted by police. HFC has been unable to furnish information despite him being in the branch recently. He was warned by internal audit before he was arrested at the bank premises. He is actively involved in forwarding project cases to staff like Moses Manyara and Brenda Kagara. Joseph Ngare – Head of internal audit, paid a massive fraud of Kshs 20 million but only a junior staffers at the branch were fired. Instrumental in covering up the fraud investigations. Even gave Kimaita, Kevin Isika’s report from the customer complaint. The report from Joseph Ngare cleared Kimaita. Moses Ndungu – Assistant manager recoveries- involved in massive fraud. Estimated to be worth more than 1 billion on a salary of Kshs 134,000 Steve Kivuva – Former head of projects actively involved in HF. Record from a customer showed 1 million was given for project as “facilitation fee”. He bought an apartment from a customer at only 30% of the cost. Kennedy Oketch – Former relationship manager projects- most of the NPL projects were under his watch. Still involved with HF. Close confidant of head of corporate Ian Mburu. Insider Lending not reported to CBK Ryan properties ltd- A Kshs 133 million project, the developers is HF’s group CEO Frank Ireri inlaw. The CFO went ahead to approve the loan without full disclosure and against advise from Credit manager. Ecomaji – A Kshs 10 million unsecured loan. The borrower is CEO’s Frank nephew loan is in default. Equatorial Nuts – An unsecured excess of Kshs 150m approved by CEO Frank alone. Karrymart – A loan of Kshs 10m related to Equatorial Nuts which was loss making and clearly unable to pay. Approved by company CEO Sam Waweru alone. Theta Grove ltd – A loan of Kshs 500m related to Equatorial Nuts which was no supported by credit and attempts made to disguise it as a normal loan. Was withdrawn and replaced by a direct loan to HFDI which was not withdrawn when CBK began investigation on insider loans. Amazing tours & travel – A NPL loan whose attempts to recover were blocked repeatedly by group CEO Frank. The person is related to Head of Collection, who is rumored to be related to HF group CEO Frank. Mugumo Court – Kshs 74m loan handed to the brother of a shareholder. Shade Systems – Kshs 1.7m unsecured loan. Given to HF group Ceo Frank brother inlaw it has since gone bad. OTHER MASSIVE FRAUD A borrower ML600-0014099 applied for a loan of Kshs 7m on 11/06/2014 which was approved on 3/07/2014 offer letter given on 4/07/2014 the loan defaulted from 3rd Month after disbursement January 2015. The borrower CRB report indicated customer has 11 nonperforming loans with total value of Kshs 32.898. All HF branches are involved in a form of fraud known as “Evergreen loans” Evergreen loans are given to the best of corporate customers but have to undergo a cleanup period (paid to zero) every year. The branches version involves giving customers an unsecured loan at about Kshs 2 Million for 90 days and continuously renewing it every 90 days. Little or no payments are made and a number of these businesses given these loans do not exist or are associated with the branch. Valuations HF has a list of valuers. Before 2014 Crystal valuers was performing 100% of all valuations. to add to that Dayton valuers, Paul Wambua valuers, Royal Valuers. All who have in one way or another been invloved with fraudulent valuation. The HF relationship Manager has brought 3 NPL which total nearly Kshs 500m. This account have never made any payments (pampa grill, Tina holding and unlimited directors) The relationship manager has never been investigated. CM Construction- As per the court filings as indicated by Isika the contractor of HF Komarock project has several unsecured loans and in 2016 had excess of Kshs 300m prepared for approval. the contractor admitted that he had renovated the group CEO’s Frank Ireri’s house an obvious conflict of interest as stated by Kevin Isika The corporate manager has Frequesntly processed loans that he verbally indicated he does not support states Isika in the court files, but the corporate manager says he was directed by Sam waweru HF company CEO and Frank Ireri group CEO, those taht have gone bad by 2016 include; Kiyana ltd, Kshs 54m approved by Frank alone. Tyre Zetu Kshs 24m CEO Frank personally instructed credit department to remove the name from CBR report despite having arrears of 70 days back in 2016 claims Isika in the Court files. #DrainTheHFSwamp Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Pesa Nane wrote: kenyanwallstreet.comQuote:THE HOUSING FINANCE GROUP ALLEGED FRAUDFrom the filings in industrial court, the case against Housing finance and former credit manager Kevin Isika, and our investigation of HF financial statements here are the brief summary of current events. (kindly note this was copied from the court case file word by word as written by the former credit manager Kevin Isika in his law suit against Housing Finance) The findings after going through the court file, as written by Kevin Isika. As of 29th March 2014, the company’s total assets were 33 billion and 12.5 billion is past due between 0-90 days and only 5 billion is classified as nonperforming. 1.48 billion projects incorrectly classified as normal yet they are nonperforming. 1.8 billion projects classified as (normal) but there are weaknesses which may impact the projects to sub standard if evaluated further. Loophole in interest calculation known by employees with customers benefitting from it. Geoffrey Mwaura – Head of collections, Report attached detailing extortion from customers. Belinda Nganga – Head of legal and involved in extortion, report is attached in the court files. Geoffrey Kimaita – General manager liabilities, formerly collection, who has since resigned. Various reports detailing extortion and death threat to customers. Mark Mactouff- Project clerk fired for fraud and forgery but despite being wanted by police. HFC has been unable to furnish information despite him being in the branch recently. He was warned by internal audit before he was arrested at the bank premises. He is actively involved in forwarding project cases to staff like Moses Manyara and Brenda Kagara. Joseph Ngare – Head of internal audit, paid a massive fraud of Kshs 20 million but only a junior staffers at the branch were fired. Instrumental in covering up the fraud investigations. Even gave Kimaita, Kevin Isika’s report from the customer complaint. The report from Joseph Ngare cleared Kimaita. Moses Ndungu – Assistant manager recoveries- involved in massive fraud. Estimated to be worth more than 1 billion on a salary of Kshs 134,000 Steve Kivuva – Former head of projects actively involved in HF. Record from a customer showed 1 million was given for project as “facilitation fee”. He bought an apartment from a customer at only 30% of the cost. Kennedy Oketch – Former relationship manager projects- most of the NPL projects were under his watch. Still involved with HF. Close confidant of head of corporate Ian Mburu. Insider Lending not reported to CBK Ryan properties ltd- A Kshs 133 million project, the developers is HF’s group CEO Frank Ireri inlaw. The CFO went ahead to approve the loan without full disclosure and against advise from Credit manager. Ecomaji – A Kshs 10 million unsecured loan. The borrower is CEO’s Frank nephew loan is in default. Equatorial Nuts – An unsecured excess of Kshs 150m approved by CEO Frank alone. Karrymart – A loan of Kshs 10m related to Equatorial Nuts which was loss making and clearly unable to pay. Approved by company CEO Sam Waweru alone. Theta Grove ltd – A loan of Kshs 500m related to Equatorial Nuts which was no supported by credit and attempts made to disguise it as a normal loan. Was withdrawn and replaced by a direct loan to HFDI which was not withdrawn when CBK began investigation on insider loans. Amazing tours & travel – A NPL loan whose attempts to recover were blocked repeatedly by group CEO Frank. The person is related to Head of Collection, who is rumored to be related to HF group CEO Frank. Mugumo Court – Kshs 74m loan handed to the brother of a shareholder. Shade Systems – Kshs 1.7m unsecured loan. Given to HF group Ceo Frank brother inlaw it has since gone bad. OTHER MASSIVE FRAUD A borrower ML600-0014099 applied for a loan of Kshs 7m on 11/06/2014 which was approved on 3/07/2014 offer letter given on 4/07/2014 the loan defaulted from 3rd Month after disbursement January 2015. The borrower CRB report indicated customer has 11 nonperforming loans with total value of Kshs 32.898. All HF branches are involved in a form of fraud known as “Evergreen loans” Evergreen loans are given to the best of corporate customers but have to undergo a cleanup period (paid to zero) every year. The branches version involves giving customers an unsecured loan at about Kshs 2 Million for 90 days and continuously renewing it every 90 days. Little or no payments are made and a number of these businesses given these loans do not exist or are associated with the branch. Valuations HF has a list of valuers. Before 2014 Crystal valuers was performing 100% of all valuations. to add to that Dayton valuers, Paul Wambua valuers, Royal Valuers. All who have in one way or another been invloved with fraudulent valuation. The HF relationship Manager has brought 3 NPL which total nearly Kshs 500m. This account have never made any payments (pampa grill, Tina holding and unlimited directors) The relationship manager has never been investigated. CM Construction- As per the court filings as indicated by Isika the contractor of HF Komarock project has several unsecured loans and in 2016 had excess of Kshs 300m prepared for approval. the contractor admitted that he had renovated the group CEO’s Frank Ireri’s house an obvious conflict of interest as stated by Kevin Isika The corporate manager has Frequesntly processed loans that he verbally indicated he does not support states Isika in the court files, but the corporate manager says he was directed by Sam waweru HF company CEO and Frank Ireri group CEO, those taht have gone bad by 2016 include; Kiyana ltd, Kshs 54m approved by Frank alone. Tyre Zetu Kshs 24m CEO Frank personally instructed credit department to remove the name from CBR report despite having arrears of 70 days back in 2016 claims Isika in the Court files. #DrainTheHFSwamp Isika for CBK Governor. This guy is a one man Forensics Army. Life is short. Live passionately.
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Rank: Veteran Joined: 11/13/2015 Posts: 1,600
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I'm seeing quite a few pals on that list. Now that employees are required to sign NDA might as well write off my investment here. Next time I think a mama mboga kiosk might well be a better investment. Much easier to monitor for performance. They can't even hire a PR firm to repair the damage.
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Rank: Elder Joined: 12/7/2012 Posts: 11,909
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wukan wrote:I'm seeing quite a few pals on that list. Now that employees are required to sign NDA might as well write off my investment here. Next time I think a mama mboga kiosk might well be a better investment. Much easier to monitor for performance. They can't even hire a PR firm to repair the damage. Now you know how they have been making money, though they wont admit it. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Angelica _ann wrote:wukan wrote:I'm seeing quite a few pals on that list. Now that employees are required to sign NDA might as well write off my investment here. Next time I think a mama mboga kiosk might well be a better investment. Much easier to monitor for performance. They can't even hire a PR firm to repair the damage. Now you know how they have been making money, though they wont admit it. Hapa wizi tu... possunt quia posse videntur
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Rank: Elder Joined: 6/23/2009 Posts: 13,568 Location: nairobi
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sparkly wrote:Pesa Nane wrote: kenyanwallstreet.comQuote:THE HOUSING FINANCE GROUP ALLEGED FRAUDFrom the filings in industrial court, the case against Housing finance and former credit manager Kevin Isika, and our investigation of HF financial statements here are the brief summary of current events. (kindly note this was copied from the court case file word by word as written by the former credit manager Kevin Isika in his law suit against Housing Finance) The findings after going through the court file, as written by Kevin Isika. As of 29th March 2014, the company’s total assets were 33 billion and 12.5 billion is past due between 0-90 days and only 5 billion is classified as nonperforming. 1.48 billion projects incorrectly classified as normal yet they are nonperforming. 1.8 billion projects classified as (normal) but there are weaknesses which may impact the projects to sub standard if evaluated further. Loophole in interest calculation known by employees with customers benefitting from it. Geoffrey Mwaura – Head of collections, Report attached detailing extortion from customers. Belinda Nganga – Head of legal and involved in extortion, report is attached in the court files. Geoffrey Kimaita – General manager liabilities, formerly collection, who has since resigned. Various reports detailing extortion and death threat to customers. Mark Mactouff- Project clerk fired for fraud and forgery but despite being wanted by police. HFC has been unable to furnish information despite him being in the branch recently. He was warned by internal audit before he was arrested at the bank premises. He is actively involved in forwarding project cases to staff like Moses Manyara and Brenda Kagara. Joseph Ngare – Head of internal audit, paid a massive fraud of Kshs 20 million but only a junior staffers at the branch were fired. Instrumental in covering up the fraud investigations. Even gave Kimaita, Kevin Isika’s report from the customer complaint. The report from Joseph Ngare cleared Kimaita. Moses Ndungu – Assistant manager recoveries- involved in massive fraud. Estimated to be worth more than 1 billion on a salary of Kshs 134,000 Steve Kivuva – Former head of projects actively involved in HF. Record from a customer showed 1 million was given for project as “facilitation fee”. He bought an apartment from a customer at only 30% of the cost. Kennedy Oketch – Former relationship manager projects- most of the NPL projects were under his watch. Still involved with HF. Close confidant of head of corporate Ian Mburu. Insider Lending not reported to CBK Ryan properties ltd- A Kshs 133 million project, the developers is HF’s group CEO Frank Ireri inlaw. The CFO went ahead to approve the loan without full disclosure and against advise from Credit manager. Ecomaji – A Kshs 10 million unsecured loan. The borrower is CEO’s Frank nephew loan is in default. Equatorial Nuts – An unsecured excess of Kshs 150m approved by CEO Frank alone. Karrymart – A loan of Kshs 10m related to Equatorial Nuts which was loss making and clearly unable to pay. Approved by company CEO Sam Waweru alone. Theta Grove ltd – A loan of Kshs 500m related to Equatorial Nuts which was no supported by credit and attempts made to disguise it as a normal loan. Was withdrawn and replaced by a direct loan to HFDI which was not withdrawn when CBK began investigation on insider loans. Amazing tours & travel – A NPL loan whose attempts to recover were blocked repeatedly by group CEO Frank. The person is related to Head of Collection, who is rumored to be related to HF group CEO Frank. Mugumo Court – Kshs 74m loan handed to the brother of a shareholder. Shade Systems – Kshs 1.7m unsecured loan. Given to HF group Ceo Frank brother inlaw it has since gone bad. OTHER MASSIVE FRAUD A borrower ML600-0014099 applied for a loan of Kshs 7m on 11/06/2014 which was approved on 3/07/2014 offer letter given on 4/07/2014 the loan defaulted from 3rd Month after disbursement January 2015. The borrower CRB report indicated customer has 11 nonperforming loans with total value of Kshs 32.898. All HF branches are involved in a form of fraud known as “Evergreen loans” Evergreen loans are given to the best of corporate customers but have to undergo a cleanup period (paid to zero) every year. The branches version involves giving customers an unsecured loan at about Kshs 2 Million for 90 days and continuously renewing it every 90 days. Little or no payments are made and a number of these businesses given these loans do not exist or are associated with the branch. Valuations HF has a list of valuers. Before 2014 Crystal valuers was performing 100% of all valuations. to add to that Dayton valuers, Paul Wambua valuers, Royal Valuers. All who have in one way or another been invloved with fraudulent valuation. The HF relationship Manager has brought 3 NPL which total nearly Kshs 500m. This account have never made any payments (pampa grill, Tina holding and unlimited directors) The relationship manager has never been investigated. CM Construction- As per the court filings as indicated by Isika the contractor of HF Komarock project has several unsecured loans and in 2016 had excess of Kshs 300m prepared for approval. the contractor admitted that he had renovated the group CEO’s Frank Ireri’s house an obvious conflict of interest as stated by Kevin Isika The corporate manager has Frequesntly processed loans that he verbally indicated he does not support states Isika in the court files, but the corporate manager says he was directed by Sam waweru HF company CEO and Frank Ireri group CEO, those taht have gone bad by 2016 include; Kiyana ltd, Kshs 54m approved by Frank alone. Tyre Zetu Kshs 24m CEO Frank personally instructed credit department to remove the name from CBR report despite having arrears of 70 days back in 2016 claims Isika in the Court files. #DrainTheHFSwamp Isika for CBK Governor. This guy is a one man Forensics Army. I have also received such benefits.. Nothing illegal here apart from the unethical behaviour of the jilted employee. This is a case he cannot win COOP 70,000 ABP 15.20; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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obiero wrote:sparkly wrote:Pesa Nane wrote: kenyanwallstreet.comQuote:THE HOUSING FINANCE GROUP ALLEGED FRAUDFrom the filings in industrial court, the case against Housing finance and former credit manager Kevin Isika, and our investigation of HF financial statements here are the brief summary of current events. (kindly note this was copied from the court case file word by word as written by the former credit manager Kevin Isika in his law suit against Housing Finance) The findings after going through the court file, as written by Kevin Isika. As of 29th March 2014, the company’s total assets were 33 billion and 12.5 billion is past due between 0-90 days and only 5 billion is classified as nonperforming. 1.48 billion projects incorrectly classified as normal yet they are nonperforming. 1.8 billion projects classified as (normal) but there are weaknesses which may impact the projects to sub standard if evaluated further. Loophole in interest calculation known by employees with customers benefitting from it. Geoffrey Mwaura – Head of collections, Report attached detailing extortion from customers. Belinda Nganga – Head of legal and involved in extortion, report is attached in the court files. Geoffrey Kimaita – General manager liabilities, formerly collection, who has since resigned. Various reports detailing extortion and death threat to customers. Mark Mactouff- Project clerk fired for fraud and forgery but despite being wanted by police. HFC has been unable to furnish information despite him being in the branch recently. He was warned by internal audit before he was arrested at the bank premises. He is actively involved in forwarding project cases to staff like Moses Manyara and Brenda Kagara. Joseph Ngare – Head of internal audit, paid a massive fraud of Kshs 20 million but only a junior staffers at the branch were fired. Instrumental in covering up the fraud investigations. Even gave Kimaita, Kevin Isika’s report from the customer complaint. The report from Joseph Ngare cleared Kimaita. Moses Ndungu – Assistant manager recoveries- involved in massive fraud. Estimated to be worth more than 1 billion on a salary of Kshs 134,000 Steve Kivuva – Former head of projects actively involved in HF. Record from a customer showed 1 million was given for project as “facilitation fee”. He bought an apartment from a customer at only 30% of the cost. Kennedy Oketch – Former relationship manager projects- most of the NPL projects were under his watch. Still involved with HF. Close confidant of head of corporate Ian Mburu. Insider Lending not reported to CBK Ryan properties ltd- A Kshs 133 million project, the developers is HF’s group CEO Frank Ireri inlaw. The CFO went ahead to approve the loan without full disclosure and against advise from Credit manager. Ecomaji – A Kshs 10 million unsecured loan. The borrower is CEO’s Frank nephew loan is in default. Equatorial Nuts – An unsecured excess of Kshs 150m approved by CEO Frank alone. Karrymart – A loan of Kshs 10m related to Equatorial Nuts which was loss making and clearly unable to pay. Approved by company CEO Sam Waweru alone. Theta Grove ltd – A loan of Kshs 500m related to Equatorial Nuts which was no supported by credit and attempts made to disguise it as a normal loan. Was withdrawn and replaced by a direct loan to HFDI which was not withdrawn when CBK began investigation on insider loans. Amazing tours & travel – A NPL loan whose attempts to recover were blocked repeatedly by group CEO Frank. The person is related to Head of Collection, who is rumored to be related to HF group CEO Frank. Mugumo Court – Kshs 74m loan handed to the brother of a shareholder. Shade Systems – Kshs 1.7m unsecured loan. Given to HF group Ceo Frank brother inlaw it has since gone bad. OTHER MASSIVE FRAUD A borrower ML600-0014099 applied for a loan of Kshs 7m on 11/06/2014 which was approved on 3/07/2014 offer letter given on 4/07/2014 the loan defaulted from 3rd Month after disbursement January 2015. The borrower CRB report indicated customer has 11 nonperforming loans with total value of Kshs 32.898. All HF branches are involved in a form of fraud known as “Evergreen loans” Evergreen loans are given to the best of corporate customers but have to undergo a cleanup period (paid to zero) every year. The branches version involves giving customers an unsecured loan at about Kshs 2 Million for 90 days and continuously renewing it every 90 days. Little or no payments are made and a number of these businesses given these loans do not exist or are associated with the branch. Valuations HF has a list of valuers. Before 2014 Crystal valuers was performing 100% of all valuations. to add to that Dayton valuers, Paul Wambua valuers, Royal Valuers. All who have in one way or another been invloved with fraudulent valuation. The HF relationship Manager has brought 3 NPL which total nearly Kshs 500m. This account have never made any payments (pampa grill, Tina holding and unlimited directors) The relationship manager has never been investigated. CM Construction- As per the court filings as indicated by Isika the contractor of HF Komarock project has several unsecured loans and in 2016 had excess of Kshs 300m prepared for approval. the contractor admitted that he had renovated the group CEO’s Frank Ireri’s house an obvious conflict of interest as stated by Kevin Isika The corporate manager has Frequesntly processed loans that he verbally indicated he does not support states Isika in the court files, but the corporate manager says he was directed by Sam waweru HF company CEO and Frank Ireri group CEO, those taht have gone bad by 2016 include; Kiyana ltd, Kshs 54m approved by Frank alone. Tyre Zetu Kshs 24m CEO Frank personally instructed credit department to remove the name from CBR report despite having arrears of 70 days back in 2016 claims Isika in the Court files. #DrainTheHFSwamp Isika for CBK Governor. This guy is a one man Forensics Army. I have also received such benefits.. Nothing illegal here apart from the unethical behaviour of the jilted employee. This is a case he cannot win Kumbe @Obiero is modern day @Kabura carrying money inside a sack. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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obiero wrote:sparkly wrote:Pesa Nane wrote: kenyanwallstreet.comQuote:THE HOUSING FINANCE GROUP ALLEGED FRAUDFrom the filings in industrial court, the case against Housing finance and former credit manager Kevin Isika, and our investigation of HF financial statements here are the brief summary of current events. (kindly note this was copied from the court case file word by word as written by the former credit manager Kevin Isika in his law suit against Housing Finance) The findings after going through the court file, as written by Kevin Isika. As of 29th March 2014, the company’s total assets were 33 billion and 12.5 billion is past due between 0-90 days and only 5 billion is classified as nonperforming. 1.48 billion projects incorrectly classified as normal yet they are nonperforming. 1.8 billion projects classified as (normal) but there are weaknesses which may impact the projects to sub standard if evaluated further. Loophole in interest calculation known by employees with customers benefitting from it. Geoffrey Mwaura – Head of collections, Report attached detailing extortion from customers. Belinda Nganga – Head of legal and involved in extortion, report is attached in the court files. Geoffrey Kimaita – General manager liabilities, formerly collection, who has since resigned. Various reports detailing extortion and death threat to customers. Mark Mactouff- Project clerk fired for fraud and forgery but despite being wanted by police. HFC has been unable to furnish information despite him being in the branch recently. He was warned by internal audit before he was arrested at the bank premises. He is actively involved in forwarding project cases to staff like Moses Manyara and Brenda Kagara. Joseph Ngare – Head of internal audit, paid a massive fraud of Kshs 20 million but only a junior staffers at the branch were fired. Instrumental in covering up the fraud investigations. Even gave Kimaita, Kevin Isika’s report from the customer complaint. The report from Joseph Ngare cleared Kimaita. Moses Ndungu – Assistant manager recoveries- involved in massive fraud. Estimated to be worth more than 1 billion on a salary of Kshs 134,000 Steve Kivuva – Former head of projects actively involved in HF. Record from a customer showed 1 million was given for project as “facilitation fee”. He bought an apartment from a customer at only 30% of the cost. Kennedy Oketch – Former relationship manager projects- most of the NPL projects were under his watch. Still involved with HF. Close confidant of head of corporate Ian Mburu. Insider Lending not reported to CBK Ryan properties ltd- A Kshs 133 million project, the developers is HF’s group CEO Frank Ireri inlaw. The CFO went ahead to approve the loan without full disclosure and against advise from Credit manager. Ecomaji – A Kshs 10 million unsecured loan. The borrower is CEO’s Frank nephew loan is in default. Equatorial Nuts – An unsecured excess of Kshs 150m approved by CEO Frank alone. Karrymart – A loan of Kshs 10m related to Equatorial Nuts which was loss making and clearly unable to pay. Approved by company CEO Sam Waweru alone. Theta Grove ltd – A loan of Kshs 500m related to Equatorial Nuts which was no supported by credit and attempts made to disguise it as a normal loan. Was withdrawn and replaced by a direct loan to HFDI which was not withdrawn when CBK began investigation on insider loans. Amazing tours & travel – A NPL loan whose attempts to recover were blocked repeatedly by group CEO Frank. The person is related to Head of Collection, who is rumored to be related to HF group CEO Frank. Mugumo Court – Kshs 74m loan handed to the brother of a shareholder. Shade Systems – Kshs 1.7m unsecured loan. Given to HF group Ceo Frank brother inlaw it has since gone bad. OTHER MASSIVE FRAUD A borrower ML600-0014099 applied for a loan of Kshs 7m on 11/06/2014 which was approved on 3/07/2014 offer letter given on 4/07/2014 the loan defaulted from 3rd Month after disbursement January 2015. The borrower CRB report indicated customer has 11 nonperforming loans with total value of Kshs 32.898. All HF branches are involved in a form of fraud known as “Evergreen loans” Evergreen loans are given to the best of corporate customers but have to undergo a cleanup period (paid to zero) every year. The branches version involves giving customers an unsecured loan at about Kshs 2 Million for 90 days and continuously renewing it every 90 days. Little or no payments are made and a number of these businesses given these loans do not exist or are associated with the branch. Valuations HF has a list of valuers. Before 2014 Crystal valuers was performing 100% of all valuations. to add to that Dayton valuers, Paul Wambua valuers, Royal Valuers. All who have in one way or another been invloved with fraudulent valuation. The HF relationship Manager has brought 3 NPL which total nearly Kshs 500m. This account have never made any payments (pampa grill, Tina holding and unlimited directors) The relationship manager has never been investigated. CM Construction- As per the court filings as indicated by Isika the contractor of HF Komarock project has several unsecured loans and in 2016 had excess of Kshs 300m prepared for approval. the contractor admitted that he had renovated the group CEO’s Frank Ireri’s house an obvious conflict of interest as stated by Kevin Isika The corporate manager has Frequesntly processed loans that he verbally indicated he does not support states Isika in the court files, but the corporate manager says he was directed by Sam waweru HF company CEO and Frank Ireri group CEO, those taht have gone bad by 2016 include; Kiyana ltd, Kshs 54m approved by Frank alone. Tyre Zetu Kshs 24m CEO Frank personally instructed credit department to remove the name from CBR report despite having arrears of 70 days back in 2016 claims Isika in the Court files. #DrainTheHFSwamp Isika for CBK Governor. This guy is a one man Forensics Army. I have also received such benefits.. Nothing illegal here apart from the unethical behaviour of the jilted employee. This is a case he cannot win Kumbe @Obiero is classic example of modern day @Kabura carrying money inside a sack. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Member Joined: 7/10/2014 Posts: 145 Location: Nairobi
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The most ethical step Ireri should take is to step aside or resign. "Blowing out someone else candle won't make yours shine brighter"-Anonymous
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Rank: Elder Joined: 6/23/2009 Posts: 13,568 Location: nairobi
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@spikes don't take it literally boss COOP 70,000 ABP 15.20; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 11/13/2015 Posts: 1,600
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maka wrote:Angelica _ann wrote:wukan wrote:I'm seeing quite a few pals on that list. Now that employees are required to sign NDA might as well write off my investment here. Next time I think a mama mboga kiosk might well be a better investment. Much easier to monitor for performance. They can't even hire a PR firm to repair the damage. Now you know how they have been making money, though they wont admit it. Hapa wizi tu... As my pals are busy "goat eating" Edermann properties on the hand has come up with 4.2% fixed rate mortgages around 22k for their greatwall apartments. Soon you will see HF asking for rights issue. Who cursed mwafrika?
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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obiero wrote:sparkly wrote:Pesa Nane wrote: kenyanwallstreet.comQuote:THE HOUSING FINANCE GROUP ALLEGED FRAUDFrom the filings in industrial court, the case against Housing finance and former credit manager Kevin Isika, and our investigation of HF financial statements here are the brief summary of current events. (kindly note this was copied from the court case file word by word as written by the former credit manager Kevin Isika in his law suit against Housing Finance) The findings after going through the court file, as written by Kevin Isika. As of 29th March 2014, the company’s total assets were 33 billion and 12.5 billion is past due between 0-90 days and only 5 billion is classified as nonperforming. 1.48 billion projects incorrectly classified as normal yet they are nonperforming. 1.8 billion projects classified as (normal) but there are weaknesses which may impact the projects to sub standard if evaluated further. Loophole in interest calculation known by employees with customers benefitting from it. Geoffrey Mwaura – Head of collections, Report attached detailing extortion from customers. Belinda Nganga – Head of legal and involved in extortion, report is attached in the court files. Geoffrey Kimaita – General manager liabilities, formerly collection, who has since resigned. Various reports detailing extortion and death threat to customers. Mark Mactouff- Project clerk fired for fraud and forgery but despite being wanted by police. HFC has been unable to furnish information despite him being in the branch recently. He was warned by internal audit before he was arrested at the bank premises. He is actively involved in forwarding project cases to staff like Moses Manyara and Brenda Kagara. Joseph Ngare – Head of internal audit, paid a massive fraud of Kshs 20 million but only a junior staffers at the branch were fired. Instrumental in covering up the fraud investigations. Even gave Kimaita, Kevin Isika’s report from the customer complaint. The report from Joseph Ngare cleared Kimaita. Moses Ndungu – Assistant manager recoveries- involved in massive fraud. Estimated to be worth more than 1 billion on a salary of Kshs 134,000 Steve Kivuva – Former head of projects actively involved in HF. Record from a customer showed 1 million was given for project as “facilitation fee”. He bought an apartment from a customer at only 30% of the cost. Kennedy Oketch – Former relationship manager projects- most of the NPL projects were under his watch. Still involved with HF. Close confidant of head of corporate Ian Mburu. Insider Lending not reported to CBK Ryan properties ltd- A Kshs 133 million project, the developers is HF’s group CEO Frank Ireri inlaw. The CFO went ahead to approve the loan without full disclosure and against advise from Credit manager. Ecomaji – A Kshs 10 million unsecured loan. The borrower is CEO’s Frank nephew loan is in default. Equatorial Nuts – An unsecured excess of Kshs 150m approved by CEO Frank alone. Karrymart – A loan of Kshs 10m related to Equatorial Nuts which was loss making and clearly unable to pay. Approved by company CEO Sam Waweru alone. Theta Grove ltd – A loan of Kshs 500m related to Equatorial Nuts which was no supported by credit and attempts made to disguise it as a normal loan. Was withdrawn and replaced by a direct loan to HFDI which was not withdrawn when CBK began investigation on insider loans. Amazing tours & travel – A NPL loan whose attempts to recover were blocked repeatedly by group CEO Frank. The person is related to Head of Collection, who is rumored to be related to HF group CEO Frank. Mugumo Court – Kshs 74m loan handed to the brother of a shareholder. Shade Systems – Kshs 1.7m unsecured loan. Given to HF group Ceo Frank brother inlaw it has since gone bad. OTHER MASSIVE FRAUD A borrower ML600-0014099 applied for a loan of Kshs 7m on 11/06/2014 which was approved on 3/07/2014 offer letter given on 4/07/2014 the loan defaulted from 3rd Month after disbursement January 2015. The borrower CRB report indicated customer has 11 nonperforming loans with total value of Kshs 32.898. All HF branches are involved in a form of fraud known as “Evergreen loans” Evergreen loans are given to the best of corporate customers but have to undergo a cleanup period (paid to zero) every year. The branches version involves giving customers an unsecured loan at about Kshs 2 Million for 90 days and continuously renewing it every 90 days. Little or no payments are made and a number of these businesses given these loans do not exist or are associated with the branch. Valuations HF has a list of valuers. Before 2014 Crystal valuers was performing 100% of all valuations. to add to that Dayton valuers, Paul Wambua valuers, Royal Valuers. All who have in one way or another been invloved with fraudulent valuation. The HF relationship Manager has brought 3 NPL which total nearly Kshs 500m. This account have never made any payments (pampa grill, Tina holding and unlimited directors) The relationship manager has never been investigated. CM Construction- As per the court filings as indicated by Isika the contractor of HF Komarock project has several unsecured loans and in 2016 had excess of Kshs 300m prepared for approval. the contractor admitted that he had renovated the group CEO’s Frank Ireri’s house an obvious conflict of interest as stated by Kevin Isika The corporate manager has Frequesntly processed loans that he verbally indicated he does not support states Isika in the court files, but the corporate manager says he was directed by Sam waweru HF company CEO and Frank Ireri group CEO, those taht have gone bad by 2016 include; Kiyana ltd, Kshs 54m approved by Frank alone. Tyre Zetu Kshs 24m CEO Frank personally instructed credit department to remove the name from CBR report despite having arrears of 70 days back in 2016 claims Isika in the Court files. #DrainTheHFSwamp Isika for CBK Governor. This guy is a one man Forensics Army. I have also received such benefits.. Nothing illegal here apart from the unethical behaviour of the jilted employee. This is a case he cannot win So what happened to rules and regulations???These are the things that brings down firms... possunt quia posse videntur
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