Rupsa Sacco raises questions over the independence of the liquidation process.
By
Patrick Alushula
Business Reporter
Nation Media Group
A Ruiru-based sacco wants the High Court to block the three liquidators appointed by the Commissioner for Co-operative Development to liquidate the Kenya Union of Savings and Credit Co-operatives (Kuscco) and instead appoint an independent insolvency practitioner.
The Ruiru-based sacco says that the commissioner’s actions raise questions about regulatory independence and conflict of interest.
For Kuscco, the process effectively marks the end of the organisation as it currently exists.
The liquidation decision marks the end of Kuscco as the principal umbrella organisation representing the country’s saccos.
A secretive Sh17.7 billion restructuring plan has put KUSCCO under fresh legal scrutiny days before the High Court is expected to…
Tribunal says that Kussco is obligated to honour its investment contract with Mhasibu Sacco despite its financial challenges.
Kuscco joins the Kenya Bankers Association and Kenya Private Sector Alliance (Kepsa) in campaigning against the proposal.
