06/05/2024
The Ministry of Cooperatives and Micro, Small and Medium Enterprises (MSMEs) on Monday, May 6, announced the dismissal of the Kenya Union of Savings and Credit Cooperative Organization (KUSCCO) board of directors.
This decision follows revelations of substantial irregularities uncovered during a recent inspection conducted by the Commissioner for Cooperative Development in October 2023.
"The Ministry acknowledges the findings of the inspection, which revealed significant discrepancies in the management and operations of KUSCCO," stated Cabinet Secretary Simon Chelugui in a statement on Monday.
"As custodians of cooperative resources, we remain steadfast in our duty to ensure responsible and transparent management for the benefit of all stakeholders," he added.
The inspection unearthed a range of concerning findings, pointing towards systemic deficiencies in the management and operations of KUSCCO.
Among the discrepancies highlighted were significant cash withdrawals totalling Sh5.5 billion between February 2013 and April 2024.
