Bad loans put Shelter Afrique CEO in the eye of a raging storm

Corporate News

Mr James Mugerwa, Shelter Afrique’s managing director. PHOTO | FILE 

By DAVID HERBLING, hdavid@ke.nationmedia.com

In Summary

• Documents show that Shelter Afrique's boss James Mugerwa has been dishing out subprime... mortgages to unqualified borrowers resulting in a steep rise in the company’s non-performing loans.
• The documents show that Shelter Afrique has been restructuring overdue loans by rescheduling such facilities to appear and making them appear as performing, effectively suppressing the volume of toxic mortgages