NAIROBI, KENYA – A shocking revelation has come to light regarding the Kenya Union of Savings and Credit Cooperatives (KUSCCO), where forensic auditors have uncovered a massive fraud amounting to KES 13.3 billion.
The most astonishing detail is that the financial statements were allegedly signed off by a dead auditor.
According to a recent audit by Price Waterhouse Coopers (PwC), KUSCCO executives are accused of forging the signature of a deceased auditor to approve falsified financial records.
This has led to KUSCCO being declared insolvent by KES 12.5 billion, putting at risk KES 24.8 billion in deposits from 247 Saccos.
The revelation has sparked outrage and disbelief on social media platforms, with posts under hashtags like #KUSCCO and #FixingTheNation reflecting public anger and calls for accountability.
Some users have humorously or critically compared the situation to past governance under strongman leaders, indicating a deep-seated frustration with institutional corruption.
There has been no immediate official response from KUSCCO as of the latest reports.
However, Cooperatives Cabinet Secretary Wycliffe Oparanya has previously vowed action against officials involved in mismanagement at KUSCCO, following earlier financial irregularities.
The government, through its various agencies, is expected to take further steps, possibly including criminal investigations, to address this scandal.
The involvement of a deceased individual in such a scandal raises questions about oversight, internal controls, and the integrity of financial reporting within one of Kenya’s key cooperative institutions.
This incident could have far-reaching consequences for the trust in Saccos and cooperative societies in Kenya, potentially affecting the savings and investments of millions of Kenyans.
There’s an immediate need for transparency, accountability, and possibly a restructuring or overhaul of KUSCCO’s governance and financial practices to restore public and member confidence.
The situation is still developing, and more details might emerge as the investigation progresses. For those directly affected, especially members of the Saccos associated with KUSCCO, staying updated through official channels and legal advice might be prudent.
