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Headline : How top executives siphoned Sh6bn from saccos umbrella body

Read more from the original article on here at www.businessdailyafrica.com.





Tags : #top #executives #siphoned #sh6bn #saccos #umbrella #body


No. of Paragraph 34

Top executives of Kenya Union of Savings and Credit Cooperative Society (Kuscco) siphoned Sh587.6 million annually over a decade, in a series of transactions including transferring money to their own accounts and tapping unsupported loans, plunging members into multi-billion shillings loss.

A government-backed special audit on Kuscco has revealed the executives rode on weak internal management structure to manipulate books of accounts and carry out the irregular transactions that cumulatively cost the society over Sh6.56 billion between February 2013 and April 2024.

Audit and advisory firm Grant Thornton, which scrutinised Kuscco’s books, has disclosed misappropriation of members’ funds through illegal withdrawals, cash transfers and engagement in illegal or unlicensed activities, ostensibly steered by top officials.

Kuscco was registered in 1973 as an umbrella lobby institution for Saccos, before morphing into an unregulated deposit-taking operation with different subsidiaries including Kuscco Mutual Assurance and Kuscco Housing.

Read more from the original article on here at www.businessdailyafrica.com.


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