Moi University Sacco to contest the planned sale of assets

Friday, October 25th, 2019 17:48 |
Moi University, Eldoret. Photo/Courtesy

Moi University Sacco that collapsed with millions of shillings in  contributions will move to court to halt the sale of its members' property “without their involvement.”

Sacco members led by Philip Karani said they are in the dark over the intended sale of their property and yet they invested millions of shillings as shares in it.

Karani claimed that liquidators were in a hurry to dispose of the Sacco assets, for the benefit of unnamed individuals.

Despite staging demonstrations in Eldoret town to oppose the planned sale of Musco Towers, the desperate members said no money has been banked in the Sacco accounts for one year.

''We are worried liquidators are in a hurry to sell this property at a throw-away price. We are also aware they opened an account in one of the banks in Eldoret where money generated from Musco Towers rent is being deposited secretly,'' claimed Karani

Speaking to the press in Eldoret town on Friday, Karani said they visited the offices in Eldoret town only to find them vacated.

“We don’t know whom to contact; we appeal to the county and national governments to intervene so that we get our savings back,” he added.

Members also claimed they were being blackmailed to accept peanuts out of their savings. They said they spent Sh400 million through savings and a bank loan to put up the tower in Eldoret’s central business district and would not accept the planned auction of the property.

“We also want a probe into the possible loss of funds in this Sacco,” said Jack Willis Abok, a  member and Universities Academic Staff Union (Uasu) Moi University secretary-general.

The government in 2018 revoked the license of Moi University Sacco and placed it under liquidation. -KNA

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