Mhasibu SACCO seeks Sh480m from KUSCCO over unpaid deposit
The SACCO said the amount relates to a fixed deposit certificate that matured in January 2024 but has not been honoured despite a withdrawal request. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Mhasibu DT SACCO is seeking over Sh480.6 million from Kenya Union of Savings and Credit Co-operatives (KUSCCO) for a fixed deposit that matured in January 2024 but remains unpaid.
- Sh480,610,834: The amount of unpaid fixed deposit by KUSCCO to Mhasibu DT SACCO.
- Mhasibu DT SACCO and KUSCCO: The key organizations involved in the dispute.
- Sh34 million: The annual provision for impairment Mhasibu DT SACCO has started due to the ongoing issue and KUSCCO's broader financial irregularities including estimated losses of over Sh13 billion.
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World Bank Bans EY Kenya, PwC Over Fraud as Kenya Seeks Sh16bn for Land Reform - March 2026
Ernst & Young (EY) Kenya and PwC's arms in Kenya, Rwanda, and Mauritius have confessed to fraudulent and corrupt practices, leading to World Bank bans. This comes as Kenya seeks Sh16 billion ($125 million) from the World Bank to digitise its land registries and combat rampant land fraud, which has attracted warnings from the US. Meanwhile, Mhasibu DT SACCO is seeking over Sh480.6 million from Kenya Union of Savings and Credit Co-operatives (KUSCCO) for a fixed deposit that matured in January 2024 but remains unpaid. Separately, the US has issued a temporary license to sell approximately 140 million barrels of Iranian oil currently at sea, a policy reversal aimed at mitigating the impact of the ongoing war on energy markets.
