| Sacco Chairman Mr. Mcloud Malonza |
Suspended members have accused the chairman, board treasurer
Mr. Meshack Nyangute and the secretary Mr. Charles Konzolo of scheming
to lock them out of the upcoming elections at the AGM.
The Weekly Vision has been told that there were efforts by a section of board members who felt that the issue should have been handled internally by either prevailing upon him to pay back the money or even deduct the same from his salary, the suggestion was shot down by the board chairman who’s word prevailed and Mr Bolo is now in court.
The Weekly Vision has also been told that the vindictive chairman has also engineered a scheme to lock out serious individuals who have shown interest in contesting for various positions at the upcoming AGM slated for the 28th April 2018 at the Kenya School of Monetary Studies.
The various branch managers who had shown interest in contesting for a position in the Sacco were suspended from their position with no apparent reason provided by the board, they have now moved to the Cooperative Arbitration Tribunal to argue their case.
They accuse the chairman, board treasurer Mr Meshack Nyangute and the secretary a Mr Konzolo of scheming to lock them out of the upcoming elections at the AGM. The matter is slated to be heard as from the 24th April 2018 just four days to the AGM, and they now fear that there may be no time left to be vetted and cleared to contest in the polls, something that plays well in the hands of the chairman who didn’t want them to contest in the first place. The chairman and most of his board members would want to maintain the status quo, a position in which the majority of the board members sing to his tune.
An interesting aspect in this matter is that one of those that had shown interest in vying for a senior poison in the Sacco is a blood brother to Mr Christopher Seje Bolo, he is Christopher’s elder brother. Mr Bolo Senior is an officer with the Kenya army. In other words, a vindictive Malonza is now punishing the entire Bolo family.
Our contacts within the Sacco gave us a chronology of events that clearly shows how the chairman has presided over a corrupt regime that he will not let go without a fight. The chairman through his proxies managed to register a brokerage insurance firm that is collecting money for no work done. It is important to point out at this stage that the Harambee Sacco chairman also seats on the board of several other blue-chip companies by virtue of the position he holds at the Sacco.
He has an immense influence on the CIC Insurance board; Harambee Sacco is one of the biggest clients in the CIC Insurance books. Mr Malonza also sits on the board of Cooperative bank where he serves as vice-chairman. He sits on the bank's board courtesy of Harambee Sacco that holds substantial shares in the bank.
As we mentioned earlier Mr. Malonza had through proxies registered Liberty insurance brokers, the brokerage firm is housed at the St Johns building on Harambee Avenue just a walking distance from Harambee Sacco building. This firm receives payment from CIC insurance purporting to be agents of Harambee Sacco when it is clear that the Sacco deals directly with CIC. This year alone 2018, CIC has so far remitted a total of 212 Million shillings. While these payments may be authentic, the fact that Malonza is said to be the man behind Liberty insurance brokers muddies the waters even more.
How can a member of the board have interests in a brokerage firm that trades with the insurer? This matter raises a fundamental conflict of interest issues. The brokerage firm has so far been paid a 10% commission on 212 million that means Liberty insurance brokers were paid 21.2 million shillings in 2018 alone for no work done.
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