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Tuesday 5thΒ March, 2024,Β
The National Assembly Public Investments Committee on Social Services, Administration and Agriculture met with Managing Director, Kenya Finance Corporation (KFC), Mr. George Kubai over loans advanced to staff, who have since left the Corporation, without security.
Β The session chaired by Vice Chairperson, Hon. Caleb Amisi (Saboti) was considering the audited accounts for AFC for the Financial Year 2012/2013.Β
Hon. Amisi noted that it was strange that money was advanced to staff without any form of security.
Β βIt is interesting that the money was advanced to the staff without any form of security. So, how are you going to recover the money now that the individuals who benefitted are no longer AFC staff?β Hon. Amisi, asked.
Β Mr. Kubai told the Committee that he was not in office when these loans were extended to staff, admitting that giving out loans without security was reckless. However, he said some of the ex-staff loans are secured by title deeds and car log books and that those who left the institution and are still in service are paying for the loans.Β
He noted that the loan balances appear not to be reducing due to new separations and interest accruals as he affirmed AFCβs commitment to recovering all the amounts advanced.
Β βThe Corporation has endeavored to recover the balances from the final dues where applicable. Recoveries were also made from pension dues where express authority by the member was given,β said Mr. Kubai.
Β In addition, the MD assured the Committee that the days when staff secured loans without any form of security are gone and that things have since changed.
