The KENCOM Sacco is struggling due to plunder and insider fraud that has seen the Sacco find it hard to meet its financial obligations, cnyakundi.com can confirm.
Four months ago, we revealed that that trouble started brewing at the Kencom Sacco after internal audit queries were raised over Sh43million contract to construct an access road for Sacco’s housing project in Runda.
Insiders had told us that the one-kilometre tender was initially projected at a cost Sh17million but was later inflated almost triple of the initial allocation.
This among others, reveal the fraud at KENCOM that SASRA has refused to investigate.
Now, we can confirm that KENCOM members haven’t received loans since January. According to some of them that we spoke to, their financial needs are not met at all by the Sacco.
Some members have lamented that it takes up to 6 months for loan applications to go through, and that is if one is very lucky.