As was obviously expected, dubious HF Group continues to post massive losses and they incurred a loss of Sh593.29 million for the year 2021.
The lender remains the only bank listed on the Nairobi Stock Exchange (NSE) that consistently posts losses.
They have been posting loss after loss ever since the former sacked HF Credit Director blew the whistle on HF malpractices as shown on Standard and Nation Newspapers and he was vindicated when he won his court case against the bank.
In addition, the editor of this site has published numerous exposes on the graft schemes of the bank.
Mr Isika’s and cnyakundi.com dossiers have resulted in smart money leaving the bank as many depositors especially large corporate depositors have withdrawn billions of their funds in a silent bank run, most shareholders sold HF stock resulting in a near 90% collapse of the share price in the last few years and now trades like a penny stock and the sacking of almost the entire Executive Committee (EXCO) decision making body as below:
- Frank Ireri – Group MD
- Samuel Mwaniki Waweru – HFC Bank M.D.
- James Karanja – Executive Director HFC
- Caroline Armstrong – Director of Special Projects
- Patrick Mokaya – Director of Business Development
- Peter Ng’ang’a – Director of Treasury
- James Karanja – Executive Director HFDI
- Ben Lanya – GM Human Resource
- Francis Theuri – GM Branch Business
After Ireri’s downfall (he now serves as a Director at the equally criminal Centum Real Estate), Peter Munga who is the official Emperor of HF Group as no major decision can be made in the bank without his approval, was replaced corrupt Ireri with an equally corrupt Robert Kibaara.
Kibaara has the dubious distinction of having been sacked from National Bank where he and other National Bank Directors were forced out by the then corrupt CEO Munir Ahmed as shown on Business Daily.
This site’s editor has in the past delved into detail on Robert Kibaara’s shameful past at NBK and currently at HF group.
Kibaara was fired from NBK for poor performance as he was unable to bring in clients to NBK as was expected from his Retail Banking portfolio and engaging in dubious corrupt practices eg: soliciting bribes from corporate clients to receive higher interest rates compensation from their corporate deposits yet he is now at the helm of HF Group to continue the corrupt gravy train that Ireri had been engaged in on behalf of Peter Munga.
This article done by us delves into great detail on the malfeasance of Robert Kibaara which includes demanding kickbacks from clients with non-performing loans to write off the interest charges, organizing lavish trips abroad apparently in search of Diaspora clients yet HF group is mired in losses among other vices.
It’s no wonder that despite Kibaara being at the helm of HF Group for over 3 years, the bank is still a loss-making outfit and its stock price has never appreciated from a near 90% collapse hence HF Group’s so-called turnaround strategy has been a failure.
We have exposed year after year the evils of this criminal lender yet dumb depositors, bondholders and shareholders of HF Group never listen.
Let them not say they were never warned.
