NAIROBI, Kenya, Sept 2 – The Commissioner for Co-operative Development, David K. Obonyo, has gazetted the liquidation of the Kenya Union of Savings and Credit Co-operatives Union Limited (KUSCCO) after the loss of billions of shillings through internal mismanagement.
The decision to liquidate the union was agreed upon by members after the umbrella body faced liquidity challenges.
According to the Business Registration Service, liquidation happens when a company’s assets are taken over for the recovery of debts owed to creditors, eventually leading to the closure of the firm.
“WHEREAS the Kenya Union of Savings and Credit Co-operatives Union Limited (KUSCCO) Limited (CS/2171), has failed to achieve…