The Cabinet Secretary for Cooperatives and Micro Small and Medium Enterprises Development Simon Chelugui on Tuesday ushered into office the interim board of Kenya Union of Savings and Credit Cooperative (KUSCCO) Limited.
The move comes just a day after the previous administration was shown the door over what the CS described as “administrative and financial malpractices” which occasioned a huge loss of funds amounting to Ksh.5.5 billion from highly suspect withdrawals.
The interim management team, according to Chelugui, will serve for a period of one year.
Among other things, the CS said he expects the new KUSCCO leadership to get down to business and “ensure the reconstruction of the Union’s financial records to reflect the true state of affairs,”
“This will form the basis of the accurate and acceptable opening balances of the Union’s records,” noted Chelugui
The interim team is also expected to facilitate the election of delegates and the board by ensuring a transparent and fair process across the country.
The new team comes in at a time when the ministry has commissioned a comprehensive audit of the Union’s operations and financial records. Grant Thornton was picked to conduct the audit to determine the extent of losses, misappropriated funds, and the true status of the Union’s financial accounts.
Chelugui asked the 15-member team to provide direction, oversight, and, when necessary, cause a correction.
“The Ministry stands ready to support you in your efforts, and we will not hesitate to hold accountable those who betray the trust placed in them,” said Chelugui
The interim board consists of high-ranking officials from local SACCOs including David Mategwa (Police D.T), Joel Gachari (Mwalimu), Osman Khatolwa (Stima D.T), Jeniffer Mburu (Mhasibu), Robert Njue (WINAS), Francis Muriithi (Solution), Julius Munguti (Kwetu), Peter Ngugi (Tower), William Mbogo (Taifa), Mathew Ruto (Imarisha), Philip Rirei (Noble SACCO), Sarah Nyaenya (Gusii Mwalimu), Kennedy Keya (Invest and Grow), John Zero (Imarika) and Princillah Maranga (Commissioner Representative).
The CS further disclosed that the ministry will appoint a technical committee comprised of select CEOs to support the board to undertake its mandate effectively.
