Sacco board members dragged in financial mess, cover ups ailing the institution

Board members, top managers and mid-level employees on one of the leading Saccos whose membership is largely drawn from one of the ministries and a host of well-oiled parastatals are in the middle of a brewing storm involving mult-million internal financial fraud.

Instead of the board members offering oversight to the management, a section of the board members who wield unlimited powers are said to be complicit of the financial fraud cover-up messes ailing the institution.

Over 400 employees from one of the parastatals are said to have used forged pay slips to access loans from the sacco aided by an intricate web of unscrupulous sacco staff members and former employees.

However, management of the leading government agency are said to have withheld sanctions including summary dismissals fearing the sacco could come collapse and plunge the institution to financial woes due enormity of loans accessed and co-guaranteeing to other members.