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Stima Sacco Scandal?
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natema2000
#1 Posted : Sunday, November 27, 2016 9:01:37 PM
Rank: New-farer

Joined: 8/6/2014
Posts: 11
So two days ago i read a post on Robert Alai's page

"Hi Alai,
Now I am a member of stima sacco and something happened some few months ago,The ceo Mr.Wambua,corporate secretary and chief manager operations stima sacco colluded and gave Maseno university a loan of 3O million of which it was not a member of the sacco.This is where it gets interesting,they registered the institution with 10 million as deposits of the 30 million loan,so they deposited Maseno's a/c with 20 million.
This is contrary to stima sacco by-laws.As we speak there's an interim board of directors and invited an auditing firm.Infact they gave loans to Migori Teachers and KAAB illegally.Kenyans need to knw whats happening in this sacco,some of the board members have resigned already.There's corruption in stima sacco n a mega one."

Being a loyal client i think may he's just a disgruntled client. Then today i see this on the business daily

"Stima Sacco reshuffles top managers as CEO calls it a day"

http://www.businessdailyafrica.com/Stima-Sacco-reshuffles-top-managers-as-CEO-calls-it-a-day/539552-3466780-ofe21o/index.html
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enyands
#2 Posted : Monday, November 28, 2016 8:17:49 AM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
I hope stima sacco investment has no scandals. We Kenyans are professional thieves
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winmak
#3 Posted : Monday, November 28, 2016 9:00:58 AM
Rank: Member

Joined: 12/1/2007
Posts: 539
Location: Nakuru
OK... Now this is worrying, is there any place not touched by crooks? Have a significant deposit here. Someone kindly shred some light.
For investors as a whole, returns decrease as motion increases ~ WB
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kichwangumu
#4 Posted : Monday, November 28, 2016 12:15:38 PM
Rank: Member

Joined: 6/15/2009
Posts: 106
C&P from an email sent by a delegate to

"..We had a delegates meeting at KICD covering the following areas :
1. Irregular award of loans to specific companies by management way beyond board limits. The companies involved are :
· Maseno Univesity -75m
· Migori Teachers SACCO -25M
· KAAV -100M
The board have since suspended senior management staff –CEO, Company secretary and Head of operations. There is forensic audit currently ongoing to get the root of the matter. The board have taken action to recover all this funds since they were not secured.

2. Reduction of interest rates
The sacco has reduced interest in three products- Super loans ,Mwangaza, Premium to 14% p.a Reducing balance. It was initially 15%,16% and 16% respectively. This was necessitated by the movement by members to banks which created competition. The board promised that there will be no effect in this year’s dividends . The rest of the loans remain the same.

3. By laws review which is ongoing. Nothing much was discussed here
4. Mwiki land- They are in the process of disposing this land but it will depend on the highest bidder. If the proposed amount is lower that the current valuation, the land will still remain with the sacco. The previous board had bought this land at an inflated value and delegates chose to dispose rather than developing it.

More will be shared during the SGM coming in February."
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Coolbull
#5 Posted : Monday, November 28, 2016 2:10:47 PM
Rank: Member

Joined: 10/23/2007
Posts: 604
If I were you I could be on my way to withdraw from the Sacco. In Kenya, when you hear a rumour always know there is some truth in it.

FACTS:-
1. Funds have been loaned out without any security.
2. CEO forced to resign.
3. You have your money there
4. You risk losing your savings

winmak wrote:
OK... Now this is worrying, is there any place not touched by crooks? Have a significant deposit here. Someone kindly shred some light.
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Ngogoyo
#6 Posted : Monday, November 28, 2016 3:23:37 PM
Rank: Member

Joined: 6/22/2011
Posts: 561
Location: House
Coolbull wrote:
If I were you I could be on my way to withdraw from the Sacco. In Kenya, when you hear a rumour always know there is some truth in it.

FACTS:-
1. Funds have been loaned out without any security.
2. CEO forced to resign.
3. You have your money there
4. You risk losing your savings

winmak wrote:
OK... Now this is worrying, is there any place not touched by crooks? Have a significant deposit here. Someone kindly shred some light.



and mind you the Finance Manager (who of course must have been involved in some way in the malpractice) is now the CEO

The shafting continues.
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Angelica _ann
#7 Posted : Monday, November 28, 2016 3:28:50 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
Ngogoyo wrote:
Coolbull wrote:
If I were you I could be on my way to withdraw from the Sacco. In Kenya, when you hear a rumour always know there is some truth in it.

FACTS:-
1. Funds have been loaned out without any security.
2. CEO forced to resign.
3. You have your money there
4. You risk losing your savings

winmak wrote:
OK... Now this is worrying, is there any place not touched by crooks? Have a significant deposit here. Someone kindly shred some light.



and mind you the Finance Manager (who of course must have been involved in some way in the malpractice) is now the CEO

The shafting continues.

All Sacco thieving involves all including Board, Management Committee, BoM and Audit. Shafting continues herein Sad
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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enyands
#8 Posted : Monday, November 28, 2016 4:43:19 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
Angelica _ann wrote:
Ngogoyo wrote:
Coolbull wrote:
If I were you I could be on my way to withdraw from the Sacco. In Kenya, when you hear a rumour always know there is some truth in it.

FACTS:-
1. Funds have been loaned out without any security.
2. CEO forced to resign.
3. You have your money there
4. You risk losing your savings

winmak wrote:
OK... Now this is worrying, is there any place not touched by crooks? Have a significant deposit here. Someone kindly shred some light.



and mind you the Finance Manager (who of course must have been involved in some way in the malpractice) is now the CEO

The shafting continues.

All Sacco thieving involves all including Board, Management Committee, BoM and Audit. Shafting continues herein Sad


Angelica I come in peace this time. ..what rumors have you heard of stima sacco investment ltd? Ama huko ni safe zone?
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Angelica _ann
#9 Posted : Monday, November 28, 2016 6:22:49 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
enyands wrote:
Angelica _ann wrote:
Ngogoyo wrote:
Coolbull wrote:
If I were you I could be on my way to withdraw from the Sacco. In Kenya, when you hear a rumour always know there is some truth in it.

FACTS:-
1. Funds have been loaned out without any security.
2. CEO forced to resign.
3. You have your money there
4. You risk losing your savings

winmak wrote:
OK... Now this is worrying, is there any place not touched by crooks? Have a significant deposit here. Someone kindly shred some light.



and mind you the Finance Manager (who of course must have been involved in some way in the malpractice) is now the CEO

The shafting continues.

All Sacco thieving involves all including Board, Management Committee, BoM and Audit. Shafting continues herein Sad


Angelica I come in peace this time. ..what rumors have you heard of stima sacco investment ltd? Ama huko ni safe zone?

Not heard of any rumours, my comment is on Saccos in general.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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winmak
#10 Posted : Tuesday, November 29, 2016 8:39:25 PM
Rank: Member

Joined: 12/1/2007
Posts: 539
Location: Nakuru
Point well taken.
For investors as a whole, returns decrease as motion increases ~ WB
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