Troubled Metropolitan Sacco has been declared insolvent. This was announced by the Commissioner for Co-operatives David Obonyo who said that the Sacco would require Sh7 billion to resume normal operations.
“Metropolitan Sacco is technically insolvent and that is a fact. The little amount that we were able to spot and outrightly felt was mismanaged was about Sh7 billion,” said Obonyo.
The insolvency declaration now means that the Sacco is unable to repay any money that it owes customers. Neither is the Sacco able to settle its financial obligations including paying bills.
In August 2024, the shocking extent of how billions of money were lost at the Sacco came to light. More than 100,000 Metropolitan…