Pan- African Mortgage Lender Seeks To Have Its Short-Term Debt Restructured

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The aftershocks of the 2016 crisis that hit pan-African mortgage lender Shelter Afrique seem to be still being felt two years on. The bank has gone to creditors to have its short-term debt restructured, attributing the crisis to loss confidence that saw lenders abandon the mortgage firm, The Standard reported. This was after former Head of Finance Godfrey Waweru blew the lid on accounting and lending irregularities at the mortgage lender. The scandal that saw embattled Shelter Afrique boss James Mugerwa kicked out over allegations of conflict of interest, staff harassment, and blowing up $7,845 (Sh784,500) has tested the lender’s ability to survive. The Pan African mortgage lender was forced to make a regulatory warning to its bond holders last week over its plan to renegotiate its debts - revealing the extent of the damage caused by the crisis. Read more.