A client (names withheld) who took a loan of Ksh. 60,000 in March 2022 and defaulted for two months and whose vehicle is worth Ksh. 600,000 discovered that his vehicle had been sold and not a single shilling was given to him
Baron Capital Ltd, a non-deposit taking lending institution has been accused by some of its clients of being unfair to them in their dealings leading to financial losses.
The lending institution is making money through unfair means as clients lose their properties in form of loan ‘defaults’. Investigations by The Weekly Vision reveal how some clients receive loans using car log books as security however, a one month’s default may lead to the sale of the vehicle without the knowledge of the client.
A client (names withheld) who took a loan of Ksh. 60,000 in March 2022 and defaulted for two months and whose vehicle is worth Ksh. 600,000 discovered that his vehicle had been sold and not a single shilling was given to him. Sources say Baron allegedly colluded with officers from NTSA and fraudulently transferred the log book from the client’s name to Baron Capital without his consent and the vehicle was finally sold.
It has also been reported that a number of staff are dismissed on flimsy grounds and terminal dues not paid. The HR and accountants have been taking former employees rounds for months. Further, employees working in various branches are underpaid; nepotism is the order of the day with employees who are in good books with the management are well taken care of while those with no “god” fathers are neglected.
Both the clients and the staff are now appealing to the relevant government authorities to come to their aid and stop Baron Capital from their unfriendly activities.