KCB Bank Sacco is facing serious accusations involving a scandal worth 29 million Kenyan shillings.
Reports suggest that senior officials sold shares held at Cooperative Bank to Nation Sacco Ltd for this amount, bypassing required procedures.
It is alleged that the proceeds were divided among four officials. One of them reportedly used 5.1 million shillings to pay for their child’s education in the United States.
Members of the Sacco have expressed growing concerns, especially since the organization has not held an Annual General Meeting (AGM) since 2018.
This long-standing lack of transparency has raised doubts about the integrity and accountability of the Sacco’s leadership.
Despite these issues, the Sacco continues to collect deposits from members, leading to fears about the safety of their investments.
Some members have taken legal action to recover their funds, but the Sacco is said to lack the resources needed to process these refunds, increasing anxiety among investors.
There are additional allegations about questionable real estate transactions involving properties in Runda.
These properties were allegedly sold multiple times without proper title transfers, creating confusion and losses for investors.
Moreover, loans obtained for different projects reportedly remain unpaid, raising suspicions of financial mismanagement and misuse of funds.
These practices have placed members’ investments at big risk and could lead to serious legal and financial repercussions for the Sacco.
The Ministry of Cooperatives and the Sacco Societies Regulatory Authority (SASRA) are now under pressure to act on these allegations.
Stakeholders are demanding immediate audits and the enforcement of strict measures to protect the interests of the members.
The scandal has left many Sacco members frustrated and anxious about the future of their savings, with little clarity on when or if they will receive any resolutions.
This situation highlights the need for transparency and strict adherence to regulations in Sacco operations.
Members and potential investors must exercise caution and ensure they have a full understanding of the organization’s financial health and governance structures before making any commitments.
The emerging events serve as a reminder of the importance of regulatory oversight in protecting public investments.
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