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Court battle reveals HF’s Sh4bn hidden bad loans

Housing Finance managing director Frank Ireri. PHOTO | DIANA NGILA

Former Housing Finance Company (HFC) director Kevin Isika’s wrongful termination suit has blown the lid off the bank’s inner dealings, including alleged cooking of books and illicit insider lending.

Mr Isika says in a suit he has filed against the mortgage lender that high-ranking executives have over the years colluded to hide a massive Sh4.3 billion bad loans mountain, offering shareholders and regulators a false financial position.

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