The Kenya Union of Savings and Credit Cooperative Society Ltd (KUSCCO) has sacked its Group Managing Director (MD), George Ototo, and the National Chairman, George Magutu.
KUSCCO has replaced them with David Langat as the new Chairman of the Board of Directors and Arnold Munene to act in the MD post.
“We announce the departure of National Chairman, Mr. George Magutu and Group Managing Director Mr. George Ototo,” Langat said in a letter to all KUSCCO staff.
“We would like to express our sincere gratitude for their dedicated service and contributions to the growth and success of the Union during their tenure.”
Their departure comes after the Co-operative, Small, and Medium Enterprises Development Cabinet Secretary (CS) Simon Chelugui last year ordered an inquiry into suspected violations of Sacco's regulations by the KUSCCO.
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The CS also directed the Sacco Societies Regulatory Authority (SASRA) to investigate the matter
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