The Government has assured Kenyans that significant steps have been taken to address the irregularities at the Kenya Union of Savings and Credit Cooperatives (KUSCCO), promising that those responsible will face the full force of the law.
Speaking at the KUSCCO's Headquarters in Nairobi, the Cabinet Secretary (CS) for Co-operatives and Micro, Small, and Medium Enterprises (MSMEs) Development, Wycliffe Oparanya, confirmed that investigative agencies had completed their work and shared their findings with relevant authorities. "We are assured that significant steps have been taken by the investigative agencies whose outcomes have been shared with relevant agencies to commence necessary legal and administrative action, support litigation pertaining to criminal and economic crimes culpability, and facilitate the process of asset recovery," he highlighted.
According to Oparanya, the release of a Forensic Audit Report by PricewaterhouseCoopers (PwC) has been a crucial milestone in restoring credibility to the SACCO industry, citing the Report which reaffirms the Ministry's commitment to transparency and accountability. "We are pleased to indicate that this confirms the commitment of the Ministry, to remain open and transparent in its efforts to promote and ensure a vibrant SACCO industry in Kenya," he reiterated.
The CS further commended the Interim Board of KUSCCO for successfully completing its mandate, highlighting key achievements such as overseeing the completion and implementation of a Statutory and Forensic Audit, reconstruction of books and accounts to reflect the true financial status of KUSCCO, development and implementation of a recovery strategy, and amendment of union bylaws to align with the recovery strategy.
