Vipingo workers cooperatives society over the verge of collapse as wranglers persist


By Admin.
The feature of vipingo workers saving and credit cooperatives society limited hangs in balanc
because of unresolved management disputes threating the stability, the Sacco which stated in
1988 is meant to attend to the emerging financial needs of the vipingo workers cooperatives
society in kilifi south kilifi county.
However, the Sacco is trapped in recurring challenges that are threating its existence speaking
to Sacco review the former chairman Abdul Mohammed says that vipingo cooperatives society
is rundown by a clique of people within the governing board, who are operating with a lot of
impunity.
The Sacco members have been withdrawing from the troubled Sacco citing failure by the
management to run it professionally , but even as the members withdraw from the Sacco
biggest challenge has been getting back their shares now running in to millions of shillings
He explains that vipingo Sacco has lost huge sums of money because of chronic financial
mismanagement by the board, according to Ephraim mwangi one of the members says that the
last audit report that unearth financial loss of 41 million and has discouraged some of members
and withdraw their trust form the Sacco.
Mr. Mwangi said that for the last six years down the line Sacco board of management has not
been able to conduct annual general meeting, the Sacco was run as a personal outfit and filled
to conduct elections on time the current board of directors have saves over ten years in the
Sacco, currently vipingo Sacco has only 40 active members out of 800 who have withdrawn
from the society.
The malpractice that were exposed by the audit report were that fictitious dividends payments
that have not been be paid for the last ten years , manipulations of financial books , and
3million lost in the account , irregular leading which has led to the closer of the Sacco.
However some of the Sacco board of directors have resign and afraid of associated with the
institutions because of the irregularities that hiders its effectives operations, members of the
vipingo Sacco have written to kilifi county cooperative commssioisner officers but they have not
receive responds form the above officials
The former chairman Abdul Mohammed has call upon the Ethics and anti- corruption
commission to intervene on the matter and rescue the fallen of the vipingo cooperative society
and elect new members of Board of management, this will help to bring back the sanity of the
Sacco.
He urged that one of the Sacco board members says that board has deliberately failed to
enforce audit report recommendations that include recovery of all debts and suspension of
person implicated for fraud as a way of saving the institutions from collapsing.
He added that many Sacco have fallen because of the behavior of officials who have
occasionally misuse resources whose real owners of the Sacco are members, however financial
which-hunt had caused many Saco to decline because cover- ups possible through corruption
said Mr. Mwangi.