The Kenya Union of Savings and Credit Cooperatives (Kuscco) has listed over 60 properties for auction. The properties are owned by loan defaulters and include houses, plots of land, apartments and commercial buildings. The properties had been mortgage-financed through the Kuscco Housing Cooperative (KHC).
The properties will be auctioned off by Watts Auctions in a public auction. The auction will be the first phase of auctions by the financially embattled organization. The auctions will be held on June 5th, June 10th, and June 13th this year.
According to the auctioneer’s notice that was published in the dailies on Monday May 19, the sale of the properties shall be subject to a reasonable reserve price, and bidders shall be expected to provide cash or a banker’s cheque at the fall of the hammer. It was however not clear why payment by cash for the properties was given as an option in such large transactions.
The list of the properties includes a bungalow in Thika, two blocks of shops in Meru, a bungalow in Ngong’, a residential building in Mombasa that is only 30 percent complete, vacant plots in Kajiado, a dwelling block comprising of three blocks in Mavoko, a dwelling house in Ruiru that is under construction, a mansionette in Isinya that is under construction.
Others are a multi-storey apartment in Kisumu, an apartment in Kirichwa, Nairobi, a motor vehicle workshop in Kisii County, a business and resident unit in Mombasa County, a double storey house with servant quarters in Kiambu, two apartments in Mombasa County.
The plots of land on sale include small parcels ranging from 0.05 acres to 0.9 acres. The majority of these plots are located in Kajiado County.
READ MORE: Kuscco bosses took Sh192 million insider loans. See amount each took
In March 2025, Kuscco had announced that it was considering selling its insurance arm and properties held by loan defaulters to refund member savings and credit cooperatives societies (Sacco) who lost billions of money in an internal fraud scheme.
Kuscco has left member Saccos reeling in losses after suffering massive fraud that amounted to over Sh12 billion. The fraud, mismanagement and loss of funds at Kuscco was unearthed by audit that was conducted by PricewaterhouseCoopers (PwC).
The audit exposed theft, cooking of financial books, and conflict of interest that resulted in the mega loss of money. The audit revealed that Kuscco had been left to sink by its management with liabilities of Sh17.7 billion against assets of Sh5.2 billion following the fraud.
