Metropolitan Sacco members have staged protests demanding refund of their money totaling over Ksh7.7 billion.
The members marched to the Sacco main office in Kiambu town to deliver a petition with a raft of demands.
Led by their colleague, Fredrick Kago, the members demanded that; the Sacco sells its assets including land and pay members who had ceased membership; they be informed the identity of the Sacco’s litigators; they be fully furnished with the Commissioner’s report as was adapted in the 2022 AGM; a forensic audit to be done on the Sacco, and that they informed periodically on all issues affecting the Sacco.
The Sacco started facing financial turbulence causing liquidity and governance issues until 2019 when the Co-operative Bank of Kenya took over the consultancy role to ensure continued efficiency in service delivery.
On April 22, 2022, the Sacco was placed under Regulatory Notice No. 4558.
The Commissioner for Co-operatives Development David Obonyo directed a probe into the Sacco’s bylaws, management and the conduct of present and past Directors and a Committee of four members was constituted.
It read out their findings during the Sacco’s AGM last year where they confirmed that mismanagement had led to loss of members’ money which could not be accounted for.
They published a list of current and past directors, and employees together with the amount of money they allegedly embezzled.
The probe was forwarded to the High Court and a new board elected to take over the management of the Sacco.
Efforts to reach the Sacco management to comment on the matter had borne no fruits by the time of going to press.
The Sacco, started in 1977, has over 100,000 members with majority of the members being teachers drawn from different parts of the country.
By Felix Wanderi
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