The Commissioner of Co-operatives has removed from office the entire board of the giant Stima Investment Co-operative Sacco after a forensic audit revealed massive fraud at the society, which has exposed members to losses exceeding half-a-billion shillings.
The fraud, which is documented in court filings, reveals widespread mismanagement of funds at Stima Investment, an arm of the 13,565-member Stima Sacco Society.
