| Updated Fri, February 3rd 2017 at 09:51 GMT +3James Mugerwa is the Managing Director, Shelter AfriqueThe Shelter Afrique board has fired the real estate lender’s embattled Managing Director James Mugerwa. Mr Mugerwa has been replaced by Director of Business Femi Adewole as the acting managing director. Former Head of Finance Godfrey Waweru also blew the lid on accounting and lending irregularities at Shelter Afrique, saying Mr Mugerwa acted in breach of professional guidelines. The report estimates that an additional impairment provision of approximately $6 million (Sh600 million) may be required by Shelter Afrique on the financial position statement of 2015. Mr Waweru, has however, also been found to have contravened the accountant code of ethics by preparing the 2015 financials with full knowledge of its flaws.

Source: Standard Digital February 03, 2017 06:15 UTC