Investors caught up in the financial row involving Ekeza Sacco can now breathe a sigh of relief if the latest declaration by the Sacco chairman is anything to go by.
This is after the chair, Bishop David Kariuki Ngari, revealed that he is now selling his property to settle members' dues.
Trouble rocked the financial institution early last year after an 'expose' by KTN prompting deregistration by Commissioner for Co-operative Development.
Bishop Ngari made the announcement days after the investors vowed to storm his church after they went to seek justice at Gakuyo Real Estate's head office at Yala Towers last week, only to find out that the offices had allegedly been closed and relocated.
Speaking in Thika after a service at the Calvary Chosen Centre church, the bishop disclosed that he would be disposing of his prime properties to refund members their savings.
He assured the 53,000 members of the Sacco that they would be receiving their savings after he sold his properties.
"I want to assure all the 53,000 members of Ekeza Sacco that no one will lose his or her money. All those who want their money refunded will get it back and that’s why I put up for sale all properties that I have so that I can raise the money to repay back your money,” said Gakuyo.
According to the Standard, Gakuyo Real Estate has already placed an advert to dispose of several properties among them a residential house in Nyari, a hotel in Juja and 50 acres piece of land in Kilimambogo.
Gakuyo further revealed that the Commissioner of Cooperatives is set to advise on the way forward during the members annual general meeting which will be held on February 21, 2019.
It is reported that the troubled company has a debt of Sh3 billion owed to its customers.
Ekeza Sacco which is an affiliate company of Gakuyo Real Estate was accused of defrauding 7,000 aspiring homeowners. The real estate company has housing projects in Thika, Nakuru and Murang'a.