A clerk at mortgage lender HF’s retail projects department, David Muchiri has been named as one of the top beneficiaries of an interest omission scheme at the lender.
The clerk was named in an on-going court battle by between HF Group and former Housing Finance Company director Kevin Isaka.
According to Mr. Isaka, although the clerk earns less than Sh. 100,000 per month, he has been making over Sh. 1 million monthly from collecting rent. Apparently, the clerk owns 40 acres of land in Nairobi.
According to Mr. Isaka, the clerk is one of the employees who have been exploiting a loophole in the bank’s system to exempt some borrowers from interest on loans taken, in return for kickbacks.
Additionally, he claims that there are eight HF employees that customers made grave complaints against but were protected from investigations.
I has also been alleged that complaints have been filed against head of collections Geoffrey Mwaura, head of legal Belinda Nganga alongside Mr Mwaura and Mr Kimaita for extortion of bank customers to stop attachment of their property but no action has been taken.
Further correspondence shows that head of internal audit Joseph Ngare made Sh20 million from an unspecified fraud scheme that only saw junior staff fired upon discovery.
Assistant manager recoveries Moses Ndung’u has allegedly been involved in irregular dealings totalling over Sh1 billion despite being on a salary of Sh134,000 per month, according to the email to the HFC board.
Ex-project clerk Mactouff was fired for forgery and fraud, but that HFC has shielded him from police investigations.
