Anthony Waithaka
Business Daily
Co-operative
David Kariuki Ngare
Development Mary Mungai
Disqus
Ekeza
Ekeza Sacco
Embu County Charles Mugwika
Gakuyo
Kirinyaga
Kukena
Kukena Sacco Society
Kukena Sacco Society Limited
Mungai
Phillips
Stima Investment
Stima Investment Sacco
Stima Investments Sacco
Stima Sacco Society

Ministry orders probe into Kerugoya-based Kukena sacco

Kukena Sacco Society to be investigated following members’ request.

The government has ordered investigations into the operations of Kukena Sacco Society following members’ request. In a gazette notice dated February 4, Commissioner for Co-operative Development Mary Mungai authorised a two-member team to make an inquiry on the society’s current and past management, its working financial conditions and existing bylaws.Ms Mungai has directed principal co-operative officer auditor Anthony Waithaka and principal co-operative officer Embu County Charles Mugwika to within 30 days from the issuance of the notice to hold an inquiry on the issues of concern to the society’s members.

State targets telcos used to siphon cash after Ekeza ban

The commissioner told the Business Daily that Kukena’s members, who are mostly public service vehicle stakeholders in Kirinyaga, voted in favour of an investigation during their last annual general meeting.“Whereas members of Kukena Sacco Society Limited petitioned the commissioner under section 58 (1) of the Co-operative Societies Act that an inquiry be held into the affairs of the society, the commissioner has ordered an inquiry be held,” said Ms Mungai in the notice.The inquiry comes in the wake of revelations of fraud and embezzlements of funds that have hit the sector from Murang’a-based Ekeza Sacco and Stima Investments Sacco, putting many Kenyans who save in co-operatives on high alert.The Commissioner of Co-operatives on February 19 dissolved the seven-member board of Stima Investment Sacco after a forensic audit revealed massive fraud at the society, which has exposed members to losses exceeding half-a-billion shillings.

Phillips to sponsor Beyond Zero race

The fraud, which is documented in court filings, reveals widespread mismanagement of funds at Stima Investment, an arm of the 13,565-member Stima Sacco Society.In January, the government stopped televangelist-turned-politician David Kariuki Ngare alias Gakuyo from selling hotels and land belonging to his real estate company to protect savings by members of Ekeza Sacco.The sacco is estimated to owe its 78,000 members about Sh2.5 billion, some of which Gakuyo and his wife diverted to personal bank accounts.

Please enable JavaScript to view the comments powered by Disqus.

Share this Post

by

Search