Moi University Savings and Credit Society (MUSCO) has been placed under liquidation, with two officials appointed to oversee the process.
The two officials to oversee the process are, Kennedy A. Emali, Nairobi Principal Cooperative Auditor, and Druscillah Jebet Cherogony, Uasin Gishu Principal Cooperative Officer who will serve as joint liquidators tasked with managing assets, raising funds, and settling debts.
“Now therefore, I appoint Kennedy A. Emali… and Druscillah Jebet Cherogony… to act as joint liquidators in the matter of the said Co-operative Society effective from the date hereof,” Commissioner for Co-operative Development David K. Obonyo said.
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MUSCO’s licence was revoked in 2018 after debts ballooned beyond Ksh1 billion, blamed on mismanagement and non-performing loans.
The Sacco, formed in 1988 by Moi University staff, has faced opposition to its collapse from over 3,000 members and political leaders, but the government ruled out any reversal bringing to an end its existence.
By Juma Ndigo
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