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{
    "id": 1093529,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1093529/?format=api",
    "text_counter": 20,
    "type": "speech",
    "speaker_name": "Sen. Farhiya",
    "speaker_title": "",
    "speaker": {
        "id": 13179,
        "legal_name": "Farhiya Ali Haji",
        "slug": "farhiya-ali-haji"
    },
    "content": "Thank you, Madam Temporary Speaker, for giving me this opportunity. This failure of Moi University Savings and Credit Cooperative Society (MUSCO) is a very sad state of affairs. The leadership of that cooperative mismanaged a lot of the funds of the members. What saddens me is the fact that despite all that, the Sacco Societies Regulatory Authority (SASRA) had given a licence to the MUSCO. After that, it kept on giving warning until it suspended the licence for trading. We expected SASRA to do an investigation of what made MUSCO fail. Then after that, bring people to book or even recover assets of the MUSCO from those individuals who are culpable. There are a lot of great institutions that fail in this country due to people who are self-seeking. They are people who do not care about families and people’s savings. Madam Temporary Speaker, when we were listening to the submissions from the cooperative members, there are even families whose parents had all their savings in that cooperative society. Now their parents are gone out of stress and other ailments. They could not even afford hospital bills. The children now cannot go to school because somebody was very selfish and squandered funds belonging to the MUSCO members. In this country, we have laws that deal with corruption, but some people are not serious and willing to fight it. Unless we make institutions given the responsibility of dealing with corruption work properly, this country will continue failing in terms of progress and putting families in a very dire situation. Madam Temporary Speaker, as I said, there are enough laws in this country to deal with corruption. If we had commitment from institutions mandated to fight corruption, it would be a thing of the past. How is it that a whole institution that is responsible for ensuring that the welfare of members is taken care of withdrew a licence of an institution without checking what caused its failure? I find that very hard to reconcile. As much as the institution was fleeced by people elected by members, the role of SASRA that they played was not correct. Somebody should have been in jail; somebody’s wealth should have been recovered. Some kind of restitution should have taken place other than fleecing a whole society that is now on its knees and there is no asset to its name. Madam Temporary Speaker, again, the person who was appointed as the auditor gave a recommendation that even the person who was given the work of liquidating the assets of that organization also to be investigated. There were also some malpractices he noted which was an indicator of mischief. That needs to be confirmed by the right institution. Something needs to be done about that as well. In terms of future liquidation of Savings and Credit Cooperative Societies (SACCOs), there is need to be a little bit more thorough on how that is arrived at before a liquidator is appointed."
}