LIFT LIQUIDATION ORDER

Reinstate Moi varsity Sacco, CS Munya told

Sacco members demonstrated last week to protest against sale of Muwasco Towers without their involvement.

In Summary

• Registration revoked in June 2018, liquidation ordered.

•  Usasi Gishu cooperatives boss says government 'rushed'  to revoke the license without following procedure and calliing for commission of inquiry. 

Industrialisation CS Peter Munya.
Industrialisation CS Peter Munya.
Image: FILE

Uasin Gishu has urged Trade and Industrialisation CS Peter Munya to reinstate Moi University Sacco's registration and lift the liquidation order.

In June 2018, the Commissioner of Cooperatives had revoked the registration of the Moi University Savings and Credit Society (Musco) and placed it under liquidation.

County CEC in charge of cooperatives Esther Mutai said it was wrong for the Commissioner of Cooperatives to revoke the licence without following due procedure. She said that would have required her office to institute a commission of inquiry before taking action.

 

Cooperatives is a fully devolved function,  he told reporters on Monday at the Uasin Gishu county offices in Eldoret.

“We are urging the Trade Cabinet Secretary, who has the power, to revoke the cancellation and bring the society back to life, as this was a lifeline to thousands of investors," she said.

She asked why the commissioner "rushed" to place the society under liquidation, "ignoring" calls by Uasin Gishu County Government to compel the employer, Moi University, to remit the society’s due of Sh51 million.

The county had raised the dispute with Intergovernmental Technical Relations Committee and asked the arbitrator to fast-track it.

“We are not aware of what the liquidator is doing with the income from the society’s properties such as Musco Towers and Musco Plaza ...We have information he is currently doing partition on some of the property,” Mutai said.

We urge the Trade CS, who has the power, to revoke the cancellation and bring the society back to life, as this was a lifeline to thousands of investors.
Esther Mutai, CEC Cooperatives 

Members of the troubled sacco staged a demonstration on Thursday last week in Eldoret to oppose what they said was the planned sale of Musco Towers without their involvement.

They claimed they spent Sh400 million through savings and a bank loan to put up the structure in Eldoret’s central business district and rejected auctioning of the property.

“There is an attempt to sell this building cheaply and we warn them that nobody will sell this building. We also want a probe into the possible loss of funds of this sacco,” said Jack Willis Abok, secretary general of the Universities Academic Staff Union Moi university chapter.