NAIROBI, Kenya, Jan 31 – The Kenya Union of Savings and Credit Cooperatives (Kussco) will be investigated for allegedly handling cash.
Simon Chelugui, the Co-operative, Small, and Medium Enterprises Development Cabinet Secretary (CS), said that the audit will investigate Kussco book for the past three years.
Already, a special audit team has been set up to look into the matter.
“The special audit will be carried out for the past three financial years. We trust the report will enlighten the members and provide the union with the way forward in terms of actionable recommendations,” CS Chelugui said yesterday.
“If members’ funds are found to have been misappropriated, firm action will be taken against the concerned individuals.”
Kussco, which is a body that represents Saccos in Kenya, was late last year, also in the eyes of the Sacco Societies Regulatory Authority (SASRA).
The CS wrote to the SASRA for an investigation of the Sacco for suspected violations of its regulations.
Section 49 of the Sacco Societies Act No. 14 of 2008 empowers the CS to direct the Authority to conduct inspections of any SACCO society and of its books, accounts, and records, Chelugui narrated.
“Consequently, I hereby direct the Authority to conduct an inspection of the said KUSCCO Ltd and of its books, accounts, and records in accordance with the requirements of the provisions of the SACCO Societies Act No. 14 of 2008, as read together with the provisions of the Cooperatives Societies Act as applied thereto by dint of Section 67 of the SACCO Societies Act No. 14 of 2008,” Chelugui said then.
