How SIC Investment Co-operative was crippled
Senior officials are accused of defrauding members by inflating land purchase prices...
✨ Key Highlights
SIC Investment Co-operative is facing crippling losses of up to Sh2 billion due to years of mismanagement and fraudulent practices. This has left thousands of members and customers facing significant financial distress.
- Sh2 billion in losses have been incurred by SIC Investment Co-operative.
- The crisis stems from mismanagement, including the purchase of non-existent or unsellable land parcels and inflated asset values.
- Approximately 5,000 members and hundreds of customers are affected by the co-operative's financial woes.
Continue Reading
Read the complete article from Nation Business
Part of the Day's Coverage
Trident Insurance clients to receive compensation payouts after collapse - April 2026
The Policyholders Compensation Fund began paying out compensation to clients of Trident Insurance Company Limited following its collapse, providing relief to hundreds of customers affected by the insurer's failure. SIC Investment Co-operative is facing crippling losses of up to Sh2 billion due to years of mismanagement and fraudulent practices, leaving thousands of members and customers facing significant financial distress. The Nairobi Securities Exchange admitted Fincredit SEZ Limited into its Ibuka Programme, an incubator platform aimed at helping small and medium-sized enterprises scale and prepare for listing on the stock exchange.
