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How top executives siphoned Sh6bn from saccos umbrella body
Co-operatives and MSMEs Cabinet Secretary Simon Chelugui (centre) speaks at a media briefing on May 06, 2024, flanked by Commissioner for Co-operatives David Obonyo (left) and Kuscco Acting Managing Director Arnold Munene.
Photo credit: Photo | Lucy Wanjiru | Nation Media Group
Top executives of Kenya Union of Savings and Credit Cooperative Society (Kuscco) siphoned Sh587.6 million annually over a decade, in a series of transactions including transferring money to their own accounts and tapping unsupported loans, plunging members into multi-billion shillings loss.
A government-backed special audit on Kuscco has revealed the executives rode on weak internal management structure to manipulate books of accounts and carry out the irregular transactions that cumulatively cost the society over Sh6.56 billion between February 2013 and April 2024.
