Sacco members look set to lose at least Sh11.6 billion after Kenya Union of Savings and Credit Co-operatives (Kuscco) was put into voluntary liquidation, dimming the legal push for co-operatives to fully recover investments in the umbrella body.
Kuscco members on Friday voted to wind up the central body after failed attempts to revive it from insolvency.
The vote means that saccos owed nearly Sh17 billion will only recover Sh5.4 billion from its known assets, casting doubts on recovery of the Sh11.6 billion balance.
A forensic audit unearthed theft and the cooking of financial books to the tune of Sh9.3 billion following understatement of costs like commissions and interest expenses and overstating incomes—a scheme which…