Saccos break audit rules over Kuscco fraud losses

Savings and credit co-operative societies (Saccos) are breaching a global accounting rule that demands they book losses linked to the multi-billion-shilling fraud at Kenya Union of Savings & Credit Co-operatives (Kuscco) from day one and in full.

A number of the top saccos have set aside partial funds or provisions to cover the expected loss of billions of shillings worth of deposits and shares at Kuscco.