Sacco bosses quizzed over cash losses
Mr Mututho alleged a lot of money had been lost through its automated money services, claims also denied by the sacco management. Photo/FILE
What you need to know:
- The Agriculture, Livestock and Cooperatives Committee claims the civil service’s Harambee Sacco lost the huge amount of money through the Nairobi Emergency Loans account.
- The 93,000-member sacco also denied allegations that it lost another Sh22 million through ATM transactions.
- Mr Mututho alleged a lot of money had been lost through its automated money services, claims also denied by the sacco management.
A giant savings society has denied claims by a parliamentary team that it lost Sh83 million through double encashment of cheques.
The Agriculture, Livestock and Cooperatives Committee claims the civil service’s Harambee Sacco lost the huge amount of money through the Nairobi Emergency Loans account.
Responding to claims by committee chairman John Mututho that the money had vanished from the account, the sacco’s finance manager, Mr Benson Ojiambo, dismissed them as misleading.
He said the emergency account did not issue cheques and money was wired directly into members’ accounts.
No cheques are involved
“It cannot be through double encashment, it cannot arise because no cheques are involved,” he said. The committee will interrogate Mr Ojiambo under oath next week.
The 93,000-member sacco also denied allegations that it lost another Sh22 million through ATM transactions.
Mr Mututho alleged a lot of money had been lost through its automated money services, claims also denied by the sacco management.
“We cannot afford to lose Sh22 million in a week as has been claimed,” said the sacco chairman, Mr Macloud Malonza.
Also being investigated by the committee is sacco property in Nyali, Mombasa. The sacco currently boasts of a net asset base of about Sh15 billion.
