16 April 2014

Kenya: Sacco Out to Recover Sh1 Million Debt

The 300-member Mwingi Traders Sacco has directed its management to act tough on 10 loan defaulters by attaching and auctioning their properties.

During a meeting held at a Mwingi hotel on Monday evening, members said auctioneers must be engaged to recover the Sh1 million owed by defaulters. Sacco chairman Julius Mutukaa said the management has no option but to attach the defaulting members' properties.

"We have tried all other means to recover the loan to no avail. Considering that our sacco is a relatively young outfit with a capital base of Sh3.6 million, defaulting on the Sh1 million loans has left us on shaky grounds," he said. The chairman of the Sacco's supervisory committee Josephat Mulyungi said their account books are in good order.

"Now that we have your greenlight to recover the loans, we will have good news for you during the next meeting in a fortnight," he said.

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