18 December 2012

Kenya: Hospital Staff Scheme Buys Sh290 Million Hotel

The Moi Teaching and Referral Hospital Staff Pension Scheme has invested Sh290 million in a new eight storey building to be opened in Eldoret town.

Speaking at the scheme's AGM at the weekend, prinicipal officer Agunda Ochanda assured members that the valuation and purchase was above board.

He said the the building will be leased out to an independent operator who will oversee all operations. Over 3,000 members attended the AGM which was held at the new complex that's opposite the Eldoret Municipal Council offices.

Chairperson Emily Sitienei said the scheme is implementing a new Strategic Plan for the period 2012-2017. She said despite potential economic and political challenges, the plan will help scheme officials undertake investments.

An annual report and financial statement indicates that the scheme has 3,092 active members. Its net assets stand at Sh1.2 billion by June 30, 2012 which is an increment from Sh1.06 billion on the same date and month in 2011.

The scheme's cash and cash equivalents are Sh208 million up from 188 million during the same period. The scheme has made a capital investment of Sh2.4 million to purchase two parcels of land located within Eldoret town.

The transaction was however stopped after it emerged that the land is under investigation by the Ethics and Anti-Corruption Commission.

"Prior to the cancellation of the transaction the scheme had paid 10 percent deposit amounting to Sh 2.4 million. The trustees instructed transaction lawyers to recover the money from the vendors of the land," the report read in part.

Apart from Ochanda and Sitienei other listed trustees of the scheme include CEO of the hospital Dr John Kibosia, Katwa Kigen, Selina Kogo, Dickson Yego, Winstone Orege, Stephen Kiberenge, Dr Omar Aly and Jonathan Kipchoge.

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