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of the money which is banked at the Peoples' Bank of Zanzibar (PBZ), and the signatories should know how the money was withdrawn and used for personal gains," Khamis said.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.

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