Tanzania Daily News (Dar es Salaam)

27 November 2012

Tanzania: Saccos Leaders Blasted for Swindling Sh58 Million

The Zanzibar Ministry of Health and Social Welfare Saccos members have condemned leaders of the group for swindling them of their hard earned money.

In an extra-ordinary meeting held at the ministry of information hall over the weekend, furious members asked for thorough investigation into a loss of more than 58m/- and 'swindlers' be taken to court and if found guilty, "their assets be sold to recover the money."

Savings and Credit Cooperative Societies (SACCOs) have been encouraged by both private and public institutions as an opportunity for workers to save, and borrow for different activities. The health SACCOs secretary, Mr Ramadhan Khamis, distanced himself from the 'scam', that in implicating the chairperson and other clerks.

"I am not involved in the loss of the money which is banked at the Peoples' Bank of Zanzibar (PBZ), and the signatories should know how the money was withdrawn and used for personal gains," Khamis said.

"We need our money back, and those who took the money illegally should not be spared," Ms Asya Masauni said and that every victim of the Saccos fraud should get his or her money back.

Mr Khamis Daudi Simba, director, department of cooperatives development said when opening the meeting that people selected to lead Saccos should act according to regulations and be honest to avoid problems.

Ads by Google

Copyright © 2012 Tanzania Daily News. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.