How troubled Stima sacco put to risk over Sh0.5 billion belonging to members

A review by Deloitte uncovers how Stima Investment lost cash through different sporadic land purchases.

Authorities purchased involved land without directing any due determination or site visits, neglected to settle exchanges in the wake of putting down introductory stores and in different cases gathered assets from individuals even before the primer buy understandings were agreed upon.

The Commissioner of Co-agents on February 19 broke up the seven-part board, inciting them to document a suit in court looking to invert the choice.

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The individuals need the court “to subdue the action made by the Commissioner of Co-operatives’, contending that they were legitimately chosen on November 28, 2018.

“There is no premise in law and certainty for the first respondent (Commissioner of Co-agents) to break down the top managerial staff,” says the board in its application. The court papers point to an intricate plan of botching of individuals’ assets.

The Sacco, for example, got a Sh100 million in deposits m  from the KenGen Foundation, which was intended to be contributed and pay an arrival of 16 percent against its approach topping returns at 12 percent.