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{
    "id": 1556165,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1556165/?format=api",
    "text_counter": 107,
    "type": "speech",
    "speaker_name": "Sen. Tabitha Mutinda",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Speaker, Sir, I rise pursuant to Standing Order No.53(1) to seek a Statement from the Standing Committee on Trade, Industrialization and Tourism on a matter of national concern regarding the financial crisis at the Metropolitan National SACCO Limited. The financial crisis at the SACCO, which has been declared technically insolvent by the Commissioner for Cooperatives has left over 75,000 members unable to access their hard-earned cash and savings. This situation has been attributed to massive embezzlement and financial mismanagement at the SACCO, including irregular lending, fictitious dividend payments and fraudulent loan disbursements to non-existent members. In this regard, I request the Committee to address the following- (1) The current financial status of Metropolitan National SACCO Limited; (2) The annual audits on the financial statements of the SACCO for 2020, 2021, 2022, 2023 and 2024 and actions taken to address any adverse opinions or audit queries that had been raised earlier; (3) The recovery plan in place for the SACCO, including plans underway to ensure that members are able to access their savings and benefits; (4) Identify the identities of persons involved in the embezzlement and financial mismanagement at the SACCO, including the actions that have been taken to ensure that they are held accountable; and, (5) Whether the SACCOs Societies Regulatory Authority (SASRA) played its role in ensuring compliance with the established policies as well as the proposed reforms to strengthen financial oversight mechanisms for SACCOs so as to prevent similar instances in the future."
}