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Kuscco faces auction by PCEA Sacco claiming Sh109m
Rupsa Sacco said it sought the auction orders after Kuscco failed to comply with a ruling by the Co-operative Tribunal directing it to settle the debt, even as it continued paying deposits owed to other saccos.
A Ruiru-based sacco has obtained court orders allowing it to auction movable assets belonging to the Kenya Union of Savings and Credit Cooperatives (Kuscco) over unpaid deposits and interest amounting to Sh108.8 million.
The move threatens to further complicate Kuscco’s efforts to stabilise its finances after it emerged that more than Sh13 billion was lost, allegedly through fraud involving some of its former officials and through investments in business lines it was not licensed to undertake, including lending, mortgages and insurance.
