Kericho-based Imarisha Sacco has as expected issued a very shallow press-release assuring their members that everything is okay after this site run an article revealing that the office of the Director Of Public Prosecutions had directed the Directorate of Criminal Investigations to probe members fund's misappropriation.
Despite mountains of evidence compiled by the complainants to DPP Noordin Haji, the Sacco's management insists that everything is hear-say.
Director of Public Prosecutions Noordin Haji, in February, directed the Directorate of Criminal Investigations to investigate the looting of the Sacco, we had indicated yesterday in our widely read and shared article.
The complaint dossier that warranted the investigation demands by the Office of Director Of Public Prosecutions revealed among other things, allegations of serious corruption, embezzlement by leaders of the Sacco including the board of directors, Chief executive officer, Internal auditor and officials of Kericho county Co-operative.
We, however, note that the Imarisha Sacco's management has managed to compromise the Kenyan Sacco's and Societies Regulatory Authority (SASRA) hence no action from the moribund Sasra that has watched as various Sacco's loot from their members.
SASRA is charged with the role of regulating, licensing and supervising deposit taking Sacco Societies in Kenya, a role they have absconded with impunity.
In their half-baked press-release, similar to the ones that were released by Chase and Imperial Bank's stating that all was well during their collapse, Imarisha Sacco refuses to tell their members that they are under investigation by the Directorate Of Criminal Investigations, despite evidence and a letter confirming so.
A few days ago, Local Media reports indicated that Kenya’s Savings and Credit Co-operative Societies (SACCO) have a value of Kshs. 1 trillion shillings.
In the past one year, we have been treated to news of SACCOs defrauding clients, losing clients’ money or engaging in unplanned moves like banking, in turn, incurring a lot of problems leading to loss of money. Caption: The half-Baked Imarisha Sacco Press Release