Isiolo Teacher Sacco on the spot over alleged Sh77m loss

About 300 teachers who are members of the Isiolo Teachers' Sacco have threatened to sue its employees who are implicated in the loss of Sh77 million.

The teachers, who accused some sacco employees of fraudulently obtaining the amount, leaving its coffers dry, have threatened to withdraw from the sacco.

Kenya Union of Post Primary Education Teachers (Kuppet) Isiolo branch Secretary Mwiti Gichunge said though a tribunal and an inquiry committee had been formed to investigate the suspected fraud in 2015, no action has been taken.

But the sacco’s interim chairman Naftaly Macharia said the teachers’ move would complicate the matter since the Commissioner of Cooperatives is handling it.

Mr Macharia also confirmed that the 2016 audit is yet to be conducted.

He admitted that the tribunal had delayed in making its recommendations but said that some of them have been implemented.

At least four employees have so far been suspended while three are still working for the sacco.

COLLAPSE

The Kuppet official said the sacco is on the verge of collapse and its members cannot access loans or withdraw their shares.

"The tribunal committee was tasked with making sure that those found guilty of the offence were brought to book and the sacco recovers all its lost money even if it meant attaching the assets of those found guilty," said the Kuppet official.

The teachers, who met in Isiolo Town, accused the sacco and the Sacco Societies Regulatory Authority of performing “terribly” in their mandate of ensuring that members recover their hard-earned money.

They also said the tribunal set up to investigate the culprits has failed to ensure that justice is served and called on the authority to hasten the recovery of their lost money.

The members now want clarification on when they will be allowed to access their savings and shares.