BY BUSINESS DAILY: Obadiah Maina’s Good Life Sacco Society Ltd is now set to be liquidated after an audit by the Co-operatives ministry found it had breached all regulations on handling member funds.
Commissioner of Co-operatives Mary Mungai said the sacco’s licence had been cancelled and invited former members to file claims within the next 30 days with the appointed liquidators, Johnson Njoroge and Gerald Mwai.
The liquidators were further directed to take possession of all assets belonging to the society, books and other documents with a view to winding up its operations within the next one year.
“I cancel the registration and order that it be liquidated. Any person, aggrieved may within thirty (30) days of publication in the Kenya Gazette appeal to the Cabinet Secretary against this order,” she said.
The savings society had collected more than Sh1 billion and had opened branches in Eldoret, Nairobi, Thika, Nyeri, Nakuru and Nyahururu.
Mr Maina had earlier claimed that panic withdrawals triggered cash flow problems at the sacco.
