Govt lifts liquidation order, rescuing MUSCO SACCO from Auctioneers’ hammer 

The Government has finally lifted the liquidation order on Moi University SACCO Society that restrained its survival for close to two decades.

The move has rescued the SACCO from the shackles of Auctioneers’ wrath, who were determined to sell the societies assets to recover the accrued Ksh 600 million.

This comes after the Cabinet Secretary for Cooperatives and MSMEs Development Wycliffe Oparanyaappointed a taskforce to accelerate its revival and oversee operations, pending the election of a substantive Board and Supervisory Committee within the legally prescribed timelines.

“This reinstatement is not an endorsement of past failures. It is a second chance that is anchored on strict expectations around governance, compliance, and ethical leadership. Where culpability is established, accountability will be enforced without hesitation. The protection of members’ savings remains non-negotiable,” said Oparanya

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When liquidators descended on Moi University SACCO in 2018, this giant Savings and Credit Cooperative Society was technically insolvent and had defaulted on a Ksh 200 Million Cooperative Bank of Kenya loan, used to construct its head offices known as MUSCO Towers, situated in Eldoret.

The Society was also unable to refund money to members who had left, and could not even provide life insurance to deceased members.

The SACCO also failed to meet all the statutory financial and liquidity ratios as set out by the Sacco Society Regulatory Authority (SASRA), prompting the liquidators to move in.

By Our reporter

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