Probe on Ekeza Sacco Drawn-out by 15 days

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An inquiry into the operations of Ekeza Sacco has been extended by 15 days starting January 17. This was done by Mary Mungai, the Commissioner for Co-operatives Development via a Kenya Gazette notice. The Kenya Gazette notice says that the extension will aid the completion of the investigations initially announced last December.

The co-operatives regulator deregistered the Sacco back in March last year. However, the plagued co-operative was allowed to continue with its operations in June after appealing the judgment at the High Court. The Sacco had been in the public eye after transgression of members’ funds.

The State Department of Co-operatives PS Susan Mochache said that the Sacco’s Chairman Bishop David Ngari aka Gakuyo had been tasked to call a special general meeting, failure to which the State would be forced to convene it. Mr. Ngari is also the proprietor of Gakuyo Real Estate.

Sacco members are set to hold a meeting on February 21st in order to address the fate of more than Kshs2.4 billion in savings. This will be the second general meeting held by members who are bitter over being unable to access loans and refunds on deposits.

Ms. Mochache notes: “We found out that the owner of Gakuyo Real Estate Bishop David Ngari had also engaged in land transactions which had seen Sacco members’ funds mixed up.”

Prior finding of the audit established that the society had irregularly expanded the common bond by recruiting members countrywide. This is in breach of the law that allows the society to only draw its membership from an entity recognized as Gakuyo Real Estate.

 

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