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How Imarisha SACCO Management Looted The Sacco

Even as the Ethics and Anti-Corruption Commission (EACC) is set to begin lifestyle audits of top managers of Saccos, it has emerged that the collapsing Kerich0-based Imarisha Sacco managers ‘began’ stealing money from the Sacco in 2015.

Documents seen by CNYAKUNDI.COM shows the managers awarding themselves hefty perks against resolutions made in the Annual General Meeting (AGM) that year.

The honoraria intended that the managers were to receive Kshs. 300,000, but instead the managers awarded themselves over Kshs. 1.8 million.

The managers didn’t stop there. Read below the information we received anonymously.

During the AGM held on April 2015 the meeting approved honoraria of Kshs. 300,000 to be shared by directors but inside they paid themselves sh.1.8m as per the schedule attached.

In the subsequent AGM of 2016 Kshs 300,000 was also approved but the managers paid themselves sh. 2.6m as per second schedule.

The other way they are fleeced the Sacco is through the Petty Cash voucher of Kshs. 7.5 million purportedly being Kenya Revenue Authority (KRA) tax arrears. The money was received by Sacco treasurer who appended his signature as PAYEE in the voucher, however, the money was ferried to a standby CEO car and taken to Kericho Golf Club where the money was shared.

Complaints on Misappropriation of Funds at Imarisha Sacco

Other documents show comments from external Auditor in audit query.

Lastly, attached is a letter from KRA after investigation confirmed they didn’t received the money Petty Cash. KRA then advised Sacco Societies Regulatory Authority (SASRA) as the regulatory authority, to  do investigation into the issue.

However, when SASRA investigators visited Imarisha Sacco offices in September 2016, they were bribed and the story died whey they Left.

In February, the Director of Public Prosecutions (DPP) ordered investigations to be carried out after receiving a dossier containing corrupt dealings at the SACCO.

CNYAKUNDI.COM carried a story showing how the Sacco has been plundered, the released a press statement that didn’t help address the issues of misappropriation of funds and outright theft of funds at the Sacco.

Other Imarisha Sacco scandals

In 2014, a director at the Sacco retired and was given Kshs. 3 million as retirement package yet there are no such provision in the Sacco laws. This, as we would later learn, was to shield the other corrupt managers in case they are also sent away.

The board in collusion with a former CEO in fact schemed and transfer some funds to a private account where such payments would be drawn. They also transferred over Kshs. 14 milion to CiC Insurance Money Market fund.

When former CEO retired officially on 31st August 2017, *eleven days after, this amount plus interest totaling Kshs. 16 Million.

On 7th September 2017, Kshs. 21.5 Million was also transferred and journalized as Insurance premiums and on 29th November 2017, Kshs. 5 Million was transferred again as Insurance premiums, to CiC Insurance.

READ more below

Kericho Based Imarisha Sacco Going Down Due To Money Laundering And Fraud

So, the allegations of fraud, corruption and misappropriation of funds are indeed true. The management of this Sacco created a culture or rape, plunder and looting. The Sacco is even worse now than it was those 7 years ago, when the looting began, because, the outright theft and plunder didn’t stop there.

Imarisha Kebo Plaza being officially opened by His Excellency Hon. Uhuru Kenyatta, C.G.H. Commander-in-Chief of the Defence Forces on Friday 9th December, 2016.

It is common knowledge that the management is still engaging in money laundering as they did before.

This behavior is appalling and we hope that the Director of Public Prosecutions (DPP) Noordin Haji and his team succeeds in taming or terminating this cartel who are out to cause untold suffering to the poor masses.

Saccos in Kenya are increasingly mismanaged; the board and management all join in the stealing and looting which sends most people deeper into misery.

Kenya can be better, if not?

READ: [‘Heri Kufa Kuliko Kuishi Kenya’] SACCOs Once The Safest Money Saving Schemes, Now A Cash Cow For Corrupt Few



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