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Nyati sues Sasra over Kuscco loss provision order
A forensic audit by consultancy firm PwC revealed malpractices at Kuscco, including the cooking of books, large-scale theft by executives, bribery among many others.
Nyati Sacco Society Limited has challenged a guideline issued by the Sacco Societies Regulatory Authority (Sasra) for Saccos to make provisions for future write-offs arising from financial losses due to bungled investments in the scandal-hit Kenya Union of Savings & Credit Co-operatives Limited (Kuscco).
In the guideline issued on January 14, 2025, Sasra directed regulated saccos to start recognising the cash losses linked to the multi-billion-shilling fraud at Kuscco with immediate effect.
