The Kenya Union of Savings and Credit Co-operatives (Kuscco) was formed in 1973 as an umbrella body for saccos and expanded into a multi-billion shilling institution offering financial and other services.
A Sh13.3 billion fraud scandal plunged it into insolvency, forcing members to abandon rescue efforts and vote for liquidation last week.
The decision came after auditors told members that Kuscco could not be revived without a fresh injection of capital. Members rejected any proposal to inject more money.
The Commissioner for Co-operative Development David Obonyo gazetted the decision on Monday.
What is liquidation and what does it mean for Kuscco’s existence?
Liquidation is the formal process of winding up an…