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Kenya Union of Savings & Credit Co-operatives (Kuscco) starts auctioning houses and land belonging to members who defaulted on mortgage payments, as it moves to recover losses linked to years of alleged mismanagement.
The auctions, which began with 80 properties in areas such as Kitengela, Kiserian, Nyayo Estate, Kisumu and Thika will continue as the organisation processes more defaults.
Acting Managing Director Arnold Munene confirmed that Kuscco is following legal procedures, including statutory notices, to facilitate the recoveries.
The move follows a forensic audit by PricewaterhouseCoopers (PwC) which uncovered financial mismanagement in Kuscco’s Housing Fund (KHF).
The report revealed that between 2017 and 2021, KHF failed to provide for loan losses, and when it did so in 2022, the provisions were understated by 84%.
By the end of 2023, Kuscco had Ksh 3.93 billion in outstanding loans, with residential home construction loans accounting for the largest share.
The auction comes days after former top Kuscco officials, including ex-Managing Director George Ototo, were arrested and charged over the mismanagement that led to the cooperative’s financial troubles.
