Over 190 former members of Kisumu Municipality teachers SACCO (KIMUTE) which went under more than seven years ago now have a reason to smile after being assured of their cash reimbursements totaling to Sh50 million.
Kenya National Union of Teachers (KNUT) Kisumu branch broke the news of the new development while led by the branch Executive Secretary Mr. David Obuon.
Addressing the press in Kisumu, Mr. Obuon who sits in a committee which has been formulated to oversee the refunds said that Sh50 million has been set aside for the exercise.
Obuon who was flanked by the chairman Elly Otieno and other branch executive committee members said that the money is already at the cooperative bank in Kisumu.
He said the SACCO had a two cycle of liquidation committee with the first one failing to meet its and term of office ended.
Obuon thanked the second liquidator and the commissioner for cooperatives for fast tracking the process after which members began signing their refunds at the office of the director of corporations in Kisumu.
He urged all members and the next of kins of deceased members to visit the same office.
Obuon remarked that some members died before enjoying the fruits of their hard earned money due to poor management of the SACCO.