The management board and staff of Egerton University Savings and Credit Cooperative Society in Nakuru County has come out to refute a recent report in a section of the media that the Sacco is going bankrupt.

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According to the chairman of the Sacco Kepha Orina, the society is financially sound and well managed, accusing members who want the entire board and staff sacked of malice.

The report had indicated that senior members of staff at the Sacco were colluding with officials to swindle money from the entity, through dubious procurement, loan schemes and skewed overheads and other cost of running the Sacco.

The report further charged that the management and senior staff members were spending millions of money on foreign and local trips.

According to the report all members of the newly elected board of management and even very junior staff members had bought expensive cars, and were involved in multi-million private projects whose sources of finance cannot be accounted for.

The members who had talked to the media had alleged that the management board and staff also were exercising discrimination in service delivery, and also solicit for bribes from members and business associates in order to fasten service delivery.

“Please disregard the false information that has been published in different media houses maligning the staff and management board of our Sacco. Be assured that your Sacco is financially stable and well managed. The management will give a notice on the same for more information,” said Orina.

A section of members during recent special annual general meeting had expressed dissatisfaction in the manner in which the staff and management were running the affairs of the Sacco.

According to the members, the managers were not being accountable for most financial dealings and decisions, most which were passed without consulting members.

Trouble started on Friday last week, after the management released a circular announcing that members could apply for a 50 percent dividend to be paid with interest, but failed to release the full dividends.

Some members also complained about the percentage level of calculating the dividends, which they claimed was very low, compared to the Sacco’s total revenue.