This archive report was first published on 16 September 2019.
On September 16, 2019, a scandal rocked Stima Sacco Society Limited, with members calling for the removal of a section of the management, including chairlady Rebecca Miano.
Miano, the CEO of the bluechip parastatal, was elected into office recently, and members felt that new faces were needed to streamline the Sacco's operations.
Among those targeted for removal were Osman Khatolwa, John Mudany, Anne Owuor, Joyce Ochieng, Josslyn Mutua, Beatrice Meso, and Albert Mugo, who were accused of running the Sacco like a private entity and manipulating happenings to suit their own whims.
Investigations revealed that the old faces had approved irregular loans worth millions of shillings to various companies, including Lean Energy Solutions Ltd, Triple Edge Media Ltd, Migori Teachers Co-operative Society, Maseno University Sacco, and Micol Ltd.
For instance, Lean Energy Solutions Ltd was approved a Sh44.5 million loan despite having insufficient deposits and collateral, while Triple Edge Media Ltd was required to pay a Sh2 million bribe to secure a Sh29 million loan.
Another irregular loan was that of Migori Teachers Co-operative Society, which was approved a Sh25 million loan despite having a member deposit of only Sh9,000 and having joined Stima Sacco in less than a month.
Members of the Sacco also accused the old faces of approving a Sh75 million loan to Maseno University Sacco, which was eligible for a loan of only Sh90,000, and a Sh70 million loan to Micol Ltd, which was suspicious due to the lack of audited accounts and the existence of a charge of Sh100 million on the property provided as collateral.
