Confusion surrounds the ownership of the Trans-Elite Savings and Credit Cooperative Society Plaza in Kapsabet town, Nandi County, with current officials claiming ownership leaving the question, Who really owns the Trans-Elite Savings Sacco Plaza?
Sacco Chair Alfred Ngetuny said they bought the plaza using a bank loan, dismissing claims by some former members claiming to have acquired the building in 1999 through dividends.
Addressing the press, he claimed that individuals, who illegally acquired the plaza’s land title deed, have been using it to get loans and claim ownership.
“Someone has the title deed for the land on which the Sacco sits and he has been using it to frustrate us. We are not going to mention you but we want you to come out and tell us how you got it. We are consulting our lawyers to deliberate on the say forward,” he noted.
He told the individuals, whom he did not mention, to surrender the documents, warning they are consulting lawyers with the view of taking legal action.
Ngetuny invited anyone with questions to seek answers from their offices, adding that the SACCO has paid all dividends since it started operations.
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“Those claiming to buy the Sacco using dividends in 1999 are not saying the truth. We want to ask anyone who has questions, even our Nandi Hills MP Bernard Kitur, to come to our offices. Although the MP assures the process of seeking a solution will be fair and transparent, he ought to have first contacted us to understand this matter well,” said Ngetuny.
Vice Chair Sammy Sawe echoed the sentiments, lauding the current officials, who took over in 2006, for good management and offsetting a loan borrowed by former officials.
“This Plaza was bought with a loan from Trans National Bank on 19th January, 2000 and all members then approved the decision. The title deed used as collateral was later transferred to K-rep (now Sidian Bank) and ended up at Oiko Credit. The then management got 60 million shillings. I want to thank the new management who took over for clearing the loans and right now we are going on well and have seen good management,” noted Sawe.
Documents obtained from the SACCO, formerly Nandi Teachers Sacco, further indicate that the plaza was acquired at a cost of Ksh 60 million, with a title deed from the land seller having been used as collateral to acquire the loan in 19th January 2000.
By Kimutai Langat
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