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Corporate Fraud

How Equity Bank Forced Their Former Employees To Pay For Plots Of Land Acquired In Kitengela

Hi Nyakundi, hide my identity.

We as former Equity Bank employees are really stressed. The bank earlier in our employment had issued us with mortgages on land in Kitengela in the year 2014 and as usual being a busy bank we were unable to go and verify the actual parcels of land and their value.

We were only given assessment documents of the plots to sign blindly. The initial value of the plots were 1.5 million and were charged by the bank meaning that the value of the land is equivalent to mortgage given.

Now as we left employment the balance of the loan was to be catered for by the plots as we co-owned the plots with the bank.

But that’s not the case, the bank has listed us in the CRB and the loan balances have hiked as they are running on commercial rates as we speak.

If equity was fair enough they could have sold the plots and cleared out our loans.

Secondly, we were forced to buy bank’s shares at the minimum prices a directive from the top management. As for now, those who have been able to clear with the bank and had mortgage balances have not yet received their shares as the bank demands all the shares one have should go to offset the loan.

The big question is, if the mortgage loan was secured by the parcel of land why subject former employees to continue paying the loan balances with their shares?

Equity is a total disgrace to the society in general despite the PR of Wings To Fly which is subjected to corruption and helping kids of well connected families.

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