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Former Airports Sacco officials default on Sh50m loans
The Sacco Societies Act allows saccos to grant loans to their employees and board members on condition that the terms are the same as those applied to members.
Former top officials of the Airports Sacco have defaulted on Sh49.99 million loans tapped from the organisation, a report by the supervisory committee revealed, raising questions over the credit risk management of the institution.
The report on the sacco, whose core membership is drawn from Kenya Airports Authority (KAA) employees, shows that recovery efforts have yielded little progress, even as it flagged weaknesses in the management of outstanding loans worth Sh50.04 million borrowed by current staff.
