The Sacco Societies Regulatory Authority (Sasra) wants accounting officers of universities, counties and company directors to face fines and jail time if they fail to release overdue statutory deductions owed to saccos that now total Sh5.04 billion.
Sasra chairman John Munuve said the regulator would propose a change in the law to outlaw holding onto member’s contributions and debt repayments after non-remitted funds jumped 30 percent from Sh3.8 billion last year.
