A Faulu Bank Branch Frustrated auctioneers listed with Faulu Bank have blown the whistle on corruption at the financial institution, alleging that they are being confronted by demands for exorbitant kickbacks for every job assigned.
According to a source who spoke to this blog on Friday, February 3, 2023, four individuals; Henry Maina, Lorna Bett, Denis Moroa, and Kenneth Gitonga, are the masterminds of the ongoing heist.
It is alleged that for an invoice of 25,000 shillings; the bank demands 10,000 shillings for the repossession of small motor vehicles, and 10% of all other auctions before costs are deducted. "Their greed knows no bounds. We auctioneers are suffering," the source said, speaking on condition of anonymity. "I have been in this business for over 20 years, and I have never heard of such a thing. This is a clear abuse of power, and those responsible must be held accountable," the source adds.
The accusations against Faulu Bank hardly come as a surprise, given the chaotic company has a poor reputation of endemic corruption, greed and fraud overlooked by its incompetent management.
These auctioneers are simply playing their role in the recovery of bad debts, and forcing them to pay kickbacks just to do their jobs is simply out of order.
Such a situation is unacceptable, and Faulu Bank must take swift action to address the issue.
We insist that there is a need for financial institutions to uphold high standards of ethics and transparency in their operations and for employees to act with integrity and responsibility.
We will closely follow up on this story and keep our esteemed readers updated with subsequent developments.