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"id": 1426063,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1426063/?format=api",
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"type": "speech",
"speaker_name": "Sen. Okiya Omtatah",
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"content": "Mr. Deputy Speaker, Sir, thank you for the opportunity. I rise pursuant to Standing Order No.53 (1) to seek a statement from the Standing Committee on Trade, Industrialization, and Tourism regarding the mismanagement of the cooperative funds in the Kenya Union of Savings and Credit Co-operatives (KUSCCO). In the statement, the committee should- (1) State the circumstances that led to the loss of cooperative savings over a period of 10 years, as depicted by the recent audit undertaken by the Ministry of Cooperatives and Micro, Small, and Medium Enterprises (MSME) Development. (2) Disclose the regulatory and oversight measures the Ministry undertook in respect of KUSCCO to address and prevent mismanagement of funds over the 10-year period. (3) Report on the status of compliance by KUSCCO over the past 10 years in keeping proper books of accounts, undertaking annual audits, and submitting annual returns to the Ministry of Cooperatives and MSMEs Development. (4) Provide the loan portfolio of KUSCCO, including a breakdown of the loans advanced to the board of directors and senior staff that were dismissed following the findings in the special audit commissioned by the Ministry in October. 2023. (5) Indicate the status of the undischarged fixed deposits to members that fell due but had not been duly remitted as of the date of the audit report. (6) Detail actions taken by the Ministry to recover the funds alleged to have been misappropriated by the board of directors and senior staff, and measures to ensure that such misappropriation does not occur in the cooperative sector. Thank you."
}