3 Directors of HF Group to Step Down After Persistent Losses by the Company

Three directors of the mortgage finance company, HF Group, are set to step down from the board on 28th May 2021 according to a notice sent by HF Group to investors. The three directors are; Ms Gladys Karuri, Dr Kaushik Manek, and Mr Adan Mohammed.

HF Group has persistently posted huge losses for the past three years, a potential reason for the mass exit from the firm’s board. In the latest financial report for the year that ended on 31st December 2020, the company recorded a net loss of KSh1.7 billion, its biggest loss in history.

HF Group was one of the companies severely affected by the covid19 pandemic. Some of the factors that led to the firm’s greatest loss were; limited credit supply in the real estate sector, low uptake of properties, and a steep jump in bad loans, as per the group’s financial report.

The departure of the three directors leaves the company with only five board members.

Also read: Housing Finance Announces Board Changes