streetwise wrote:My inside information informs me that what SACCOs tend to do is that the officials collude with the sellers and buy the land at highly inflated prices. Thus it takes a longer time to obtain the capital gains and may be that is why they delay the subdivision so that this does not come out
Gathige wrote:The land business has messed many SACCOs. Its murky and the deals are so lucrative most of the management members are in it for the commissions from the dealers and no members interest at heart. luckily, for those patient with SACCOs, at the end teh gains are enormous as they have economies and deep pockets.
Thanks guys for this observation. I once made this observation in another thread (can’t remember which one) but I was almost lynched especially by @Muchr. But I deal with Saccos, most of the officials including Management Committee members are in this for individual/self interest. Still boils down to Kenyans and their peculiar eating habits.
I was particularly surprised, once, when one of the officials of the Sacco who was leading the land eating scheme is a respected FD in one of the oldest listed blue chip company in Kenya.
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.