NAIROBI, Kenya, Jan 16 – The Kenya Union of Savings and Credit Cooperative Society Ltd (KUSCCO) has sent home its Group Managing Director (MD), George Ototo, as well as the National Chairman, George Magutu.
The financial institution has replaced them with David Langat as the new Chairman of the Board of Directors and Arnold Munene to act in the MD post.
Their departure comes after the Co-operative, Small, and Medium Enterprises Development Cabinet Secretary (CS) Simon Chelugui last year ordered an inquiry into suspected violations of Saccos regulations by the KUSCCO.
The CS also directed the Sacco Societies Regulatory Authority (SASRA) to investigate the matter.
“We announce the departure of National Chairman, Mr. George Magutu and Group Managing Director Mr. George Ototo,” Langat said in a letter coped to all staff of KUSCCO.
“We would like to express our sincere gratitude for their dedicated service and contributions to the growth and success of the Union during their tenure.”
