Ekeza Sacco owned by Gakuyo Real Estates on Thursday started refunding its members after the Sacco was shut down.
According to the Sacco's embattled chairman David Kariuki Ngare also known as Gakuyo, this will be done in different phases.
“We will start by issuing to those with Sh5,000 and below today (May 9) and continue every month where those with Sh10,000 and below will receive their money on 13th June this year”, assured Gakuyo.
The dates for those with higher amounts will be communicated later but the process will continue every month.
The exercise will take place in their offices near Calvary Chosen Centre Church in Thika where members will be issued their dues in cash. Since they had returned their passbooks, identity cards will be used.
“After freezing our accounts, I have been forced to seek funds from other place which include selling my own property to make sure I give back every single coin back to its rightful owner where currently Sh90 million are in place and I will find a way to pay every member even if it includes selling everything I own," he promised.
Speaking this morning during an interview with a popular vernacular station, he promised to make sure every member who had filled their withdrawal forms get their money back.
Gakuyo Real Estate Company began in 1998 with a single sale of a piece of land and has grown to a large investment with offices all over the country building estates until in 2017 when it started crumbling.
Mismanagement claims of Sh2.4 billion members’ savings prompting Commissioner for Co-operatives Development to investigate it after members were unable to access their savings.