A memorandum of understanding has been signed by the Ethics and Anti-Corruption Commission and the State Department of Co-operative societies to have all the owners and managers of SACCOs being subjected to lifestyle audits.
According to EACC chief executive Twalib Mbarak, the agreement also gives the Ethics and Anti-Corruption Commission power to scrutinize their wealth and also to recover unclaimed and unexplained assets.
The new agreement comes in the wake of increasing cases of mismanagement and embezzlement of members’ funds by some local Saccos.
Gakuyo Real Estate is one of the Saccos in which investors have found themselves between a rock and hard place. Reports found that a businessman irregularly transferred Sh1.5 billion from the troubled Savings and Credit Co-operative Society to his account.
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