For several years, we have been publishing hard hitting articles which corporate media refused to publish. We work for the common man, fight for the common man, we are incarcerated for the common man and we are willing to die for the common man.
Corporate media has ignored the common man as he is being feasted on by the hyenas. Take for example Nation Media Group. In 2016, the Nation Group published a story about the fraud happening at HF Group. During that time, the Group had gained credibility having published articles relating to corruption in the Ministry of Health and other Government bodies.
However, come 2017, Nation Media changed. Tom Mshindi, the Group Editor-in-Chief at that time, started cutting sweetheart deals with rogue corporate bodies and political thieves. In return, he hounded out independent journalists and editors. For example, there were no follow-up HF stories after Frank Ireri sought out his good friend Tom Mshindi.
Mshindi at that time had taken up over Kshs 200M in loans from HF under different companies and he was struggling keeping up the payments. He was in arrears and HF was already beginning the auction process. After a quiet meeting, a deal was struck with Frank. Tom Mshindi would have all his arrears capitalised back to the principle amount and the interest rate would be reduced.
In return for this, Frank Ireri’s HF Group would get favourable reporting. This sweetheart arrangement was to continue for the next three years. A cursory look at the Business Daily during those years would reveal that whenever HF launched a mundane product, a favourable story would be published.
When the news was bad, for example when HF’s losses grew, the lead story would be based on HF’s response, not the actual facts on the ground.
What is strange was that HF would serve Nation Media and Standard Group with a Court order. It is obvious the court order was obtained through corruption at the courts. The court order was by a way of a super injunction to restrain the publication of any article relating to or otherwise disclosure of or making public any confidential information regard HFC Limited, its business, directors, shareholders, members of staff or its customers and their accounts.
Any first year law student will tell you super injunctions do not exist in our statues and anywhere in the commonwealth. They were initially meant to protect divorce proceedings of wealthy English citizens from public scrutiny. However, the House of Lords in the United Kingdom determined that they were illegal and unconstitutional. But somehow, one Chacha Odera of Oraro and Co, managed to get an illegal order.
Strangely, Nation Media Group has historically been known to fight court orders and this one could easily be thrown out by merely filing a constitutional review at the Court of Appeal. For obvious reasons they chose to “obey” the court order but publish favourable stories regarding HF.
During that time, Cyprian Nyakundi, the fearless Editor began to receive information from HF staff who were disillusioned because of the corruption going on in HF. The fearless Cyprian Nyakundi would be sued by HF and become the subject of a Court Order. Despite this including threats from the DCI to reveal his sources, Nyakundi stood firm and continues to receive up to date information from Whistle Blowers whose identities he will never reveal.
These staff have remained loyal to the cause and even with a new management, they have reached out to inform this website that changes have been were superficial as corruption continues unabated.
We now begin a new phase where we expose the current regime and its corrupt practices. At the end you will realise why HF has not changed, and if you have money in this pyramid scheme, GET OUT!
Management Changes
HF fired most of its Directors, namely, Frank Ireri – Group Managing Director, Sam Waweru – Managing Director of HFC Ltd, James Karanja – Director of HFDI, Constantine Barasa – Director of Finance, Caroline Armstrong – Director of Strategy and Patrick Mokaya – Director of Business Operations.
However, the foolish shareholders have not noticed that the Board of Directors has remained unchanged.
The corrupt Peter Munga, the instigator of most of the fraud in the bank also remains. This website has published various articles about his corrupt dealings. Peter Munga controls HF. I will repeat, Peter Munga controls HF. Using his interest in Britam and direct shareholding using proxies, Munga has been able to ensure that he remains a Director.
To further cement his foothold, Peter Munga is the Head of the Group Nomination And Governance Committee. He is involved in the appointments of all senior staff including the Managing Director and the final decision rests with him.
Also, Peter Munga has ensured that only Embu’s can aspire to be Directors in the group. 70% of the Board of Directors are from Embu County.
Using his position, Peter Munga has ensured that his dealings with HFDI are protected and Equatorial Nuts continues to default on repayments. To hide the default, the bank continues to capitalise his loan repayments and interest to fool Central Bank Inspectors who regularly receive bribes from the HF group.
Kennedy Gachoki, who was once the CBK Inspector designated to HF Group was hired and given a lucrative position by HF as Head of Compliance to provide a permanent corruption gravy train link between Central Bank and HF Group. This would ensure that Non performing loans were hidden from Central Bank staff aided by CBK’s Director of Inspections, who has a special relationship with Steve Mainda, the Chairman of HF.
Steve Mainda, the Chairman of the group continues to be the Chairman and he oversaw all the fraud during Frank’s tenure. Steve survives from kickbacks from HFDI, from Peter Munga and worse still he is hopelessly inept. He suffers from dementia as he is frequently asleep in board meetings and irrational. He is a politician and has no business running a bank as history has shown.
You would think that despite all this mess in HF Group that the Head of Internal Audit would have been fired like yesterday and replaced and the office strengthened. HF has continued to keep this under the corrupt internal auditor Joseph Ngare, who this website has exposed for paying out frauds, bringing in fraudulent accounts and having a hand in removing the Forensic Investigator after he uncovered fraud involving senior staff.
The Managing Director- Robert Kibaara {Or Is It The Managed Director??}
Bacha bazi, or ‘boy play’, is an Afghan custom that involves boys as young as nine being forced to dress as women and to dance seductively for an audience of older men. These young boys are typically owned by wealthy patrons, and are regularly the victims of sexual assault and abuse. Bacha bazi was common, particularly in rural parts of Afghanistan, for hundreds of years, before being outlawed by the Taliban government in the 1990s. The practice underwent a resurgence after the overthrow of the Taliban by US forces in 2001, and whilst efforts have been made over subsequent years to stamp out the practice, they have been largely unsuccessful due to government corruption and the reluctance of the US to involve themselves in domestic Afghan affairs.
However, for our purposes, we will focus on the ownership and discard the sexual connotations. This is the only way we can highlight the relationship between Munga and Robert Kibaara. Robert Kibaara is Munga’s Bacha bazi. He is owned and controlled by Munga. He lacks any independent thought and his sole purpose is to ensure that Munga maximises his returns from the pillage of HF.
He has known Munga since childhood and was sent out into the world to grow. He has been generally unsuccessful in his career, hopping from one bank to another and taking advantage of tailwinds. When the tailwinds falter, he ends up being exposed as a mindless Bacha bazi. Robert Kibaara is related to Peter Munga, having been educated by Peter Munga, worked for Munga’s companies and recently hired as the Managing Director for HF Group to replace Frank Ireri, and to look after Peter Munga’s interests with HF Group, mainly his joint ventures with HFDI since he has borrowed heavily from HFC Limited.
At National Bank of Kenya, he had the ignominy of being sacked by Munir Ahmed for incompetence as he failed to bring in any meaningful accounts. He went to his Embu bank, NIC Bank, where it took them 2 years before they realised he adds no value. We expect him to leave HF within the next 2 years following a similar fate on HF’s discovery of his ineptitude and his being bereft of ideas and any modicum of vision on how to turn HF around and rescue it from the doldrums.
Staff Changes
Due to the above, HF (read Kibaara) has only succeeded in replacing the Snakes with Hyenas and Pigs. Robert Kibaara has brought in NIC staff in the past one year, who despite drawing large salaries have not added any value. They are corrupt and the corruption is led by Robert Kibaara and Patrick Njuge, who is Robert’s Bacha bazi.
Corruption
HF has been in the news for auctioning people’s property. However, the process is mired in corruption. First of all, the law only allows sale of properties of values no lower than 75% of the valuation. However, HF’s new staff have carried out undervaluations to sell properties to their cronies.
Robert Kibaara and the rest of the staff are actively “buying” property from those with non- performing loans. Those who own flats are forced to part with 2 to 3 units in order to buy time and save them from auctions.
In other cases they are demanding huge bribes to write off the interest element of loans. The board has been rubber stamping these approvals since Steve Maida and some board members have been recipients of these monies.
Editor’s note: This site has received information from numerous sources on these transactions and is reviewing this for eventual publication.
History coming back to haunt HF
A case where a family was awarded Kshs 1.2 Billion, namely Sharok Kher Mohamed Ali Hirji Vs Housing Finance, was recently published by Nation Media. However, as usual, corporate media were too scared to publish these cases before judgement came out.
This site had highlighted this case extensively. The summary of the case was that the wife was the 1st respondent and that the owner of the suit property was her former husband who had donated the Power of Attorney to her. The suit premises comprised the matrimonial home and that her husband had taken a loan of Kshs.600,000 from HF on the security of the suit property.
She came to know that the suit property had been sold on 17th January, 2000 and that at the time of sale there was rent receivable through a tenant occupying the suit property who was the Director General of Amref.
When she learnt of the sale of the suit property she and her husband were shocked and surprised and this led to husband suffering a stroke.
There was correspondence produced to the effect that the tenant who occupied the premises had offered to buy the suit property at Kshs 12,000,000. In addition, an advertisement in The Standard Newspaper showed that the property would be sold on 19th January, 2000 but that the sale took place on 17th January, 2000. There was no reserve price indicated on the sale and, according to the suit property was worth Kshs. 20,000,000 while it was sold for Kshs. 6,050,000.
In the judgment delivered by Khaminwa, J., on 29th November, 2010 the Judge found for Sharok Kher Mohamed Ali Hirji and entered judgment as follows:
1. Declaration that the sale of land parcel known as L.R. No. 7785/310 by public auction was unlawful and thus invalid, null and void.
2. Damages Shs. 20,000,000.
3. Shs. 434,226.54.
4. Costs are awarded to the Plaintiff payable by the Defendant.
5. All awards of money shall carry interest at the rate of 26% per annum from 19/1/2000 until the day the amount shall be fully paid.
This fraudulent auction was perpetuated by Geoffrey Kimaita and he managed to cover it up with the help of Frank Ireri, Sam Waweru and Regina Anyika.
Our sources have informed us that as early as 2016, Mrs Sharok Kher Mohamed Ali Hirji approached HF Group after the judgement and indicated that she was not interested in the damages but a return of her house or a similar house.
She approached Regina Anyika, HF’s Company Secretary. However, Regina Anyika refused because she wanted to benefit from the huge kickbacks from the legal fees which by now were piling up to over a Shs 100m. Legal fees are calculated based on the amount in question and Regina Anyika, through her Bacha Bazi Belinda Nganga, would set up HF to settle the huge legal fees. They did not care for the outcome.
HF has since lost the case in the Court of Appeal and has exhausted all the legal remedies available. The group is lying to the public that the case is headed to the Supreme Court. There is no single constitutional matter to be argued in this case after we consulted out legal experts.
HF has also been lying to its auditors and the board by insisting that they expect to be successful.
Regina as we have heard from our sources has pursued expensive litigation instead of the cheaper out of court settlements to ensure that her and her Bacha Bazi, Belinda Nganga benefit from kickbacks from the law firms.
This is a fact known to the Board and MD but she has managed to integrate herself with some of the Board members.
There are numerous cases like this which were perpetuated by one Geoffrey Kimaita and lately by one Geoffrey Mwaura, a Bacha Bazi of Kimaita. They have been covered up Regina, Frank Ireri and Sam Waweru. Kibaara is following suit.
Based on this, the ton of information provided by analysis from our experts we have no reason to doubt that HF will collapse in the next six months to one year. BE VERY, VERY, VERY AFRAID!
