HF Group shareholders, bondholders and depositors who are still dumb enough to hold a stake in this criminal entity despite the years of numerous corrupt malpractice exposes by this site’s Chief Editor and former whistleblower Credit Director Kevin Isika, who won his court case against the lender as shown on Nation and Standard newspapers Media exposes should pop their eyes and drop their jaws in shock and disgust when they realize that the goon currently at the helm of HF Group, one corrupt Robert Kibaara, was previously ousted from National Bank by equally dubious former NBK CEO Munir Mohammed.
Kibaara’s ouster from NBK (where he served as Retail and Business Banking Director) was covered by Business Daily newspaper as the then crook CEO of NBK Munir implemented a purge of senior management including Human Resource Director, Head of Credit, Director Islamic Banking, Head of Retail, Head of SME banking, Head of Medium Enterprises and Head of Corporate Communication.
Kibaara was fired 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.
This site’s Chief Editor published a lengthy and highly detailed dossier of the malpractices of NBK in November 2015 and this account proved to be so accurate as in April 2016 most of those goons mentioned in this expose were sacked when NBK and Chase Bank were publicly implicated as criminal entities as we all remember.
Those NBK senior managers who were sacked in the April 2016 NBK/Chase Bank circus included Group CEO Munir, ICT Director Mohammed Abdalla, Chief Finance Officer Chris Kisire, Chief Credit Officer George Jaba, Executive Director Boniface Biko and acting Chief Finance Officer Wycliffe Kivunira as displayed on Standard Newspaper.
When Kibaara was sacked from National Bank he used his corrupt connections and landed a job as Director of Retail at the then NIC Bank (now NCBA Bank).
One is left flabbergasted why NIC would have hired him but realizing his corrupt potential he got the corner office job.
As indicated earlier in this article, Kevin Isika and cnyakundi.com‘s public exposes of the malpractices at HF Group have been the undoing of the mortgage lender.
An avalanche of dossiers over this den of graft over the years has led to a near 90% collapse of HF group share price that now trades in the range of 3.40 to 4 shillings.
Moreover, HF Group is the only bank listed on the Nairobi Securities Exchange that has been consistently making losses for several years.
Also, not known to the general public, high net worth corporate depositors have quietly but massively been withdrawing billions of shillings in funds from the bank in light of the negative exposes making the lender perennially cash strapped thus the consistent yearly losses.
It should be noted that there was a similar quiet but massive bank run by Chase Bank depositors from October 2015 to April 2016 before the public bank run on 7th April 2016 where dumb depositors were caught off guard and some of their funds were frozen.
The meltdown of HF Group into losses, silent bank run and collapsing share prices in light of the exposes proved to be too overwhelming for the prior Group CEO Frank Ireri, former bank CEO Sam Waweru and several corrupt senior management punks.
Ireri and his cabal of thugs were seen as a liability to the bank’s reputation in year 2017 and 2018.
The torrent of negative publicity even from mainstream media like the Business daily article where Ireri was awarding himself a salary that was 51% of HF Group meagre 2017 profit was just too toxic and damaging and the Bank’s board decided that he, Sam Waweru and some senior management goons had to go to save the bank’s collapsing reputation and finances.
For the bank and Ireri to save face and not further damage their massively dented image, they concocted some falsehoods that Ireri was sick, needed medical leave and was to serve a notice before resigning for medical reasons but smart people knew these were lies to ease off Ireri from the job.
Former HF Board Chair corrupt Steve Mainda also “resigned”.
Almost the entire decision making Executive Committee Body was sacked that included the following
- 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 Treasury
- James Karanja- Executive Director HFDI
- Ben Lanya- GM Human Resource
- Francis Theuri- GM Branch Business
The lengthy article done by us was particularly damaging and was the undoing of Caroline Armstrong, sex pest GM of HR Ben Lanya who was finally sacked after his forced solicitation for sexual favours from female employees could not be ignored, and James Karanja.
After Ireri and his minions were ousted, the “Emperor of HF Group” the crook Peter Munga needed a replacement.
It is well known that Peter Munga is the power behind the throne/puppet master of HF Group.
Munga has to approve every senior appointment and all major decisions of the bank and is the de facto leader of the corrupt outfit.
The Board sings and dances to Munga’s every whim and tune even though Munga isn’t the official Chair of the Board.
Ireri had served Munga well as a conduit to siphon funds from the bank and Munga needed an Ireri type of thug.
Who better to replace Ireri than thug Robert Kibaara who had already proven himself to be master of graft to continue the corruption gravy train and serve at the behest of Munga?
As previously stated by us, HFDI (an HF Group construction subsidiary that did collapse and was wound down) is an errand boy or Bacha Bazi of Munga and Kibaara proceeded to replace some HF Group staff with goons from his previous NIC bank employer to reinforce the corruption conduits with his people.
Another article by us on link delves into great detail on the malfeasance of Robert Kibaara that 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.
We advise our readers to revisit the 2 links above on Kibaara ills (plus all other links on this article to get a detailed all-around holistic picture of Kibaara, Ireri and the graft den that is HF Group.
The mistake that Munga made was replacing one thief Ireri with another thief Kibaara and not taking into account that Kibaara had a massive skeleton in his closet of having been sacked from NBK.
Social media, and especially cnyakundi.com, never forgets these skeletons and seeks to expose this for the public good.
Is Kibaara really the promised “Messiah” that was to implement a turnaround strategy for HF Group from a loss-making decadent outfit into a gleaming bank that upholds integrity or a devil to siphon funds for his own and Munga’s selfish satisfaction?
His dubious past and current activities betray him and thus 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 so-called turnaround strategy has been a failure.
Surprisingly there are still naive stakeholders who keep holding onto and buying the penny stock HF group shares and keep depositing their funds in this ludicrous lender despite a litany of dossiers exposed over several years.
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