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{
    "id": 1566517,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1566517/?format=api",
    "text_counter": 270,
    "type": "speech",
    "speaker_name": "Sen. Osotsi",
    "speaker_title": "",
    "speaker": null,
    "content": "dragging their feet. Many of the people who are victims of this fraud are teachers and civil servants who have lost their money in KUSCCO. Even as we pass this Bill, we need to call out on the investigative agencies, the police, to arrest the culprits involved in the looting and stealing at KUSCCO. We cannot have a scenario where the apex cooperative in the country, which is supposed to be the key cog in the entire sector, becomes a target of thieves and looters, and very little is done to protect the funds that have been invested in this KUSCCO. Even in KUSCO, they say that these people were stealing upwards of Kshs580 million annually in the last 10 years and yet, we have a regulator; SACCO Society Regulatory Authority (SASRA). Where was SASRA all these years, when all this was happening? Did they see it? Did they participate? Were they conspirators in this fraud? I think a lot needs to be answered, not just by the KUSCCO directors, but also the regulator. What did the regulator do to safeguard Kenyans' investment in KUSCCO? We have other secondary SACCOs which have suffered. Stima SACCO, Mhasibu SACCO and others have suffered. They have lost a lot of money in KUSCCO and the loss of this money means the SACCO members have also lost their money. We cannot grow the co-operative movement if there are no proper systems in place to manage the apex co-operative. Mr. Temporary Speaker, Sir, having given that picture, I think this Bill will help us deal with the challenges as what we have seen in Kenya Union of Savings and Credit Co-operatives Limited (KUSCCO) and other SACCOs which have been mismanaged. We have had many SACCOs in this country, which do not even give dividends, which when you apply for a loan, it will take ages for you to get your money. We are hoping that this scenario will end with this Bill because it gives the mandate to the Commissioner to regulate the co-operative. This Bill seeks to promote the co-operative movement in this country. It also provides a mechanism for registration and supervision of co-operatives, and most importantly, their regulation. What is not very clear to me when I go through this Bill is how that regulation of co-operatives at a global perspective is going to be aligned to regulation of savings and co-operative societies, the SACCOs, which are regulated by SASRA. So, who is going to do what when it comes to SACCOs? Is it the co-operative, the Commissioner of Cooperatives, or SASRA? I think that is where we are likely to have some conflict. I think moving forward, this is a matter that we need to discuss, even as we go to the Committee of the Whole House, so that it is very clear who does what when it comes to regulation, because SACCOs are just a category of co-operatives. Mr. Temporary Speaker, Sir, we are talking about intergovernmental relations, co- operative relations, where they are seeking to create a forum, which will be headed by the Office of Commissioner of Co-operatives. We will have all the 47 county directors of co- operatives, among other people. I think that is a very good forum of ensuring that we have constant and sustainable engagement and consultation and dispute management. That will help this country to manage the co-operative movement better."
}