List Of Sacco Officials Who Allegedly Looted Teachers Sacco Money , Ministry Moves To Surcharge Them .
The ministry of cooperatives has ordered at least 51 top officials of metropolitan Sacco belonging to teachers to be Surcharged after allegedly looting money that belonged to members.
The 51 officials are said to have borrowed unsecured loans which they later on defaulted forcing the sacco into a financial quagmire.
The officials include the sitting and former directors and Other members of staff who colluded to loot from the institution.
From next week, the ministry will be moving to court to have the property belonging to the directors frozen after having issued a notice of intent to Surcharge the individuals who misappropriated the funds.
Take notice that the commissioner of cooperatives development has been notified that you are accountable for the monies indicated against your names in relation to the business metropolitan national sacco society limited particulars which are set out in the accordance with the inquiry reports read and adopted in accordance with the cooperative society act”, said the commissioner in a notice.
The report was adopted by the shareholders in the annual general meeting held last Saturday.
The 51 individuals who were involved in the loss of members’ money have already been notified by the commissioner.
They include former board chairman Christopher karanja ksh 741.2 Million, former vice chairman samwel Ndungu KSH 675 millon, former secretary James Ngugi ksh 637 Million, former Treasure John munyaka KSH 741.3 milion.
Others are former board members Patrick kagwi KSH 706 million, lucy njambi KSH 677.5 million, James mithiga ksh 645.9 million, Dancun Njau KSH 582 million and Samwel Ndungu KSH 675 million.
Former Chief executive officer (CEO) Francis nganga KSH 680.5 million and Benson mwangi KSH 96 million.
The sacco which started as kiambu Teachers sacco had grown to become a giant sacco after it started serving even non-teachers but now it’s a pale shadow of its former self after embezzlement of Funds that led to Loses of up to KSH 12 billion.
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