Savings and credit co-operative societies (saccos) have been spared mandatory write-off of billions of shillings locked in the Sh13.3 billion fraud at Kenya Union of Savings and Credit Co-operatives (Kuscco), putting them at odds with international accounting rules.
The High Court has quashed a guideline from the Sacco Societies Regulatory Authority (Sasra) that directed the co-operatives to set aside partial funds or provisions to cover the expected loss of billions of shillings worth of deposits and shares at Kuscco.
