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HomeDaily NewsWednesday, May 13, 2026Billions Lost Forever? Alarm as State Moves to Liquidate KUSCCO - May 2026
Business & Economy3 stories from 2 sources

Billions Lost Forever? Alarm as State Moves to Liquidate KUSCCO - May 2026

The Kenyan government is considering liquidating KUSCCO (Kenya Union of Savings and Credit Cooperatives Limited) following a forensic audit that uncovered massive fraud and financial irregularities, potentially leading to billions in permanent losses for members. An audit by Auditor General Nancy Gathungu has revealed significant revenue leakages and questionable leasing practices at Postal Corporation of Kenya. However, Posta Kenya has achieved profitability, reporting a net profit of Sh488 million for the financial year ended June 2025, a significant turnaround from a Sh1.08 billion loss in the previous year.

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Wednesday 12:09 PMNation Business

Billions lost forever? Alarm as State moves to liquidate KUSCCO

Billions lost forever? Alarm as State moves to liquidate KUSCCO

The Kenyan government is considering liquidating KUSCCO (Kenya Union of Savings and Credit Cooperatives Limited) following a forensic audit that uncovered massive fraud and financial irregularities, potentially leading to billions in permanent losses for members.

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Key Highlights

The Kenyan government is considering liquidating KUSCCO (Kenya Union of Savings and Credit Cooperatives Limited) following a forensic audit that uncovered massive fraud and financial irregularities, potentially leading to billions in permanent losses for members.

  • An estimated Sh12 billion financial hole has been exposed, with only about Sh4.8 billion expected to be recovered.
  • Key involved parties include KUSCCO, Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya, and the Senate Trade Committee.
  • The audit revealed a complex web of fraud, ghost saccos, manipulated accounts, fake audits, and allegedly politically connected networks, with some deposits reportedly mobilized through 3% finder's fees.
Wednesday 11:35 AMCapital BusinessFirst

Posta Kenya returns to profit after Sh1.08bn loss

Posta Kenya returns to profit after Sh1.08bn loss

The Postal Corporation of Kenya (PCK) has achieved profitability, reporting a net profit of Sh488 million for the financial year ended June 2025. This marks a significant turnaround from a Sh1.08 billion loss in the previous year.

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Key Highlights

The Postal Corporation of Kenya (PCK) has achieved profitability, reporting a net profit of Sh488 million for the financial year ended June 2025. This marks a significant turnaround from a Sh1.08 billion loss in the previous year.

  • Operating revenue increased by 11 percent to Sh2.16 billion, boosted by courier, e-commerce, and mail services.
  • PCK, a state corporation, has successfully navigated challenges like declining traditional mail volumes and competition.
  • New revenue streams, including Huduma Kenya rental income and logistics contracts, significantly contributed to the improved financial performance.
Wednesday 4:40 PMCapital Business

Audit flags revenue leakages, irregular leasing at Posta Kenya

Audit flags revenue leakages, irregular leasing at Posta Kenya

An audit by Auditor General Nancy Gathungu has revealed significant revenue leakages and questionable leasing practices at Postal Corporation of Kenya (Posta Kenya).

Read Story

Key Highlights

An audit by Auditor General Nancy Gathungu has revealed significant revenue leakages and questionable leasing practices at Postal Corporation of Kenya (Posta Kenya).

  • Kshs. 39.3 million collected from expired lease agreements without formal renewals.
  • The audit highlights issues at Posta Kenya involving its property leasing across regional offices.
  • Concerns raised over lack of transparency in tenant selection and competitive bidding for leased land and properties.
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