Angelica _ann wrote:Muriuki has been here for far too long. I fear that one day when the closet is opened, what will be found would be amazing. Remember when Mureithi left and the bank had to declare a 1.8b loss then as the books were being 'cleaned'.
Word. Corporate governance there is in theory. This is a true story of a sacco that were my client. The sacco is from the tea growing zones in Mt.Kenya region. A retired headteacher works his charm with the members and joins the management committee (nowadays they call them boards).
Due to excess liquidity, the sacco bought substantial shares at co-op. The guy gets elected as a delegate representing his region. When all delegates from the country met in Nairobi, he vied for a vacant director position in the bank but lost. Someone in the bank's senior management noticed him and in the subsequent year, his entire campaign was done by senior guys at the bank. He joined the board and was soon putting up block of flats, upgrading his car and getting his relatives jobs at the bank.
Imagine a director who has no stake in the company, who owes his position to management and who only sees the opportunities the position presents to him.
In summary, co-op is a one-man show.