[SIZE=6]Ekeza Sacco sinks with Sh1 billion in savings[/SIZE]
Warning signs appeared in March last year when Commissioner for Co-operatives Mary Mungai shut down the Sacco and appointed two liquidators to oversee its operations pending a probe into the management of its funds.
Ms Mungai said the decision was informed by complaints that Ekeza had reneged on a pledge to assist members acquire land and build houses.
Investigations into the Sacco’s financial status established that Ekeza had no assets of its own since it has been sharing its assets, including office space and bank accounts, with Gakuyo Real Estate Company, also owned by the Thika-based televangelist.
The investigators pointed out that Mr Ngare managed the Sacco as a personal outfit.
But, wait a minute, July 2018, The gava gave it a clean bill of health?
[SIZE=6]Ekeza Sacco reinstated after 4-month ban[/SIZE]
Commissioner for co-operative development shut down the sacco on March 26 on claims of flouting the law. The society had 26 branches and Sh2.56 billion in deposits at the time.
“The management committee is pleased to advise its members that following an appeal to the Cabinet secretary, we have obtained a conditional approval for reinstatement of our registration,” said Ekeza Sacco chief executive Gladys Muriithi.
Commissioner for co-operative development Mary Mungai cancelled the Ekeza Sacco’s licence through a gazette notice on March 23, prompting a legal suit.
When the suit came up on May 4 for a ruling, the Ekeza withdrew the petition to settle the case out of court.
ni za bwerere huwa wanapenda,nakumbuka kuna wakati kulisemekana uhuru anapatiana mashamba, watu wengine waliandikisha mpaka babies ndio ati wapate a huge chunk of land,kujiandikisha ilikuwa 5 k na ilikuwa hush hush affair watu wasiwe wengi sana
This time it took only a sweet tongue, No Bible: The country’s cursed. o_O
[SIZE=6]Sh21 billion sinks in Kerio phantom dam projects[/SIZE]
In what is turning out to be a multi-billion-shilling phantom project, the Sh65 billion Kimwarer and Arror dams only appear in the fertile imagination of Kerio Valley Development Authority officials and the Treasury, who are now under investigations.
As a matter of fact, officials of the two institutions do not even know where in Elgeyo-Marakwet County the dams should be.
So brazen is the scandal that money was paid to CMC di Ravenna, whose officials have never been on the site, and for a project that has not even been designed.
“When we asked them for the designs, they said they are doing them,” Directorate of Criminal Investigations head George Kinoti said on Monday.