Members of Popular Sacco Risk Losing Savings After CEO’s Wife Pockets Millions
Members of Popular Sacco Risk Losing Savings After CEO’s Wife Pockets Millions: Members from the Trade, Industrialisation, and Tourism Senate Committee have resolved to involve the Sacco Societies Regulatory Authority (SASRA) as Sacco members stare at losses.
On Tuesday, May 21, the members were informed that two individuals related to the CEO owed the Sacco over Ksh63 million.
The Sacco, which has its headquarters at the heart of Nairobi City, has over 75,000 members and eight branches countrywide.
The CEO’s wife owes the sacco Ksh43.1 million while the sister-in-law owes Ksh20.02 million and there are no prospects of the two repaying the amount. The wife was a former employee of the Sacco while the sister-in-law still works there.
“What efforts are you making as the CEO to recover these monies from your relatives?” Bungoma Senator David Wakoli questioned.
On the other hand, the chairperson and Kajiado Senator Lenku Seki asked the authority to conduct a full audit of the controversial Sacco’s business practices and books to unfold the irregularities reported by some member
The chairperson however, dismissed the senators’ suggestion to refund shares to former members, arguing that it would cause the Sacco to fall.
“We can’t refund former members until we recover these monies, either by having the former directors, staff, and top management return the money or by defaulters repaying their loans,” the chairperson added.
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