Last year, judges Eric Obaga and Bernand Oboso ended an 11 years dispute between Ufundi Savings and Credit Co-operative Society Limited and its members in a vicious battle with its 14,999 members. The judges ordered that the land and the plaza co-owned by the Sacco and the investing members, should be sold and the proceeds shared after clearing Ksh. 254 million debt owed to Co-operative Bank
The Cooperative Tribunal finally made a judgment forcing the cash-strapped Ufundi Sacco to refund a former member Mr Ezekiel King’ori Wachira his shares after he withdrew his membership (Tribunal Case 517of 2019) The Cooperative Tribunal ruling dated February 17, 2022, says Mr Wachira was following up on his refund of shares since 11th September 2019 seeking a refund of his Ksh. 218,700 plus interest.
Mr Wachira claimed that he was a member of Ufundi Sacco vide membership No. 4962 and during his time as a member, he contributed Ksh. 218,700 until 3rd September 2018 when he gave the Sacco management notice of his intention to cease being a member, in compliance with Sacco’s regulations. The notification to cease being a member was received by Sacco on 8th September 2018, unfortunately for him, no refund has been forthcoming.
The judgment reads in part “Having gone through the Claimant’s documents produced as evidence in his list of documents dated 17/7/19, based on these documents we are satisfied of the Claimant membership and deposits made”.
The judgment further reads “To this end we find the Claimant has proved his case on a balance of probability and is entitled to relief sought. We thus find in favour of Claimant and enter judgment against the Respondent for Ksh. 206,500.00 plus costs and interests of the suit”. Despite having been directed to make a refund, Ufundi Sacco is currently experiencing financial difficulties and is yet to make a refund to Mr Wachira. Sources say members of the Sacco have been withdrawing and joining other Saccos over what they term poor management under the chairmanship of Judith Mango and CEO Alphonce Makori.
Last year Eric Obaga and Bernand Oboso ended an 11 years dispute between Ufundi Savings and Credit Co-operative Society Limited and its members in a vicious battle with its 14,999 members. The judges ordered that the land and the plaza co-owned by the Sacco and the investing members, should be sold and the proceeds shared after clearing Ksh. 254 million debt owed to Co-operative Bank.
