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| Mr. Naushad Merali |
Mwalimu Sacco’s poor investment
decisions coupled with incompetency at the apex of the Sacco management
could see Kenyan teachers lose their investments. A decision by the board of
directors to commit the 17 story building located in Upper hill and another
seven story building along Tom Mboya Street as collateral to Kenya
Commercial Bank for a loan of Ksh. 500 million shillings has turned out to be a
very bad investment. The money was allegedly invested in a housing project in Kitengela,
but the project has very seen low uptake, The
Weekly Vision can report.
This as the teachers Sacco grapples
with questions over the acquisition of a bank in 2015.The society acquired a
limping Equatorial Commercial Bank in a questionable circumstances with the
Naushad Merali outfit retaining all immovable assets and only selling the paper
license to the vulnerable teachers.
The renamed Spire bank is starring
at a loss of Ksh. 700 million in liability due to a loan that was acquired before
the Sacco acquired the bank from Mr. Merali. The loan by the directors of a
company called Ravasam Development Limited owners of Elzee Plaza located
in Kilimani area of Nairobi was taken using LR NO. 2/186 as collateral. The Weekly Vision through
investigations has established that fraud was committed by the then Bank
employees. Ravasam Development Limited also owes a Chinese construction firm China
Young Tai Engineering Co. Ltd some Ksk 278 million.
The directors of the firm, Eric
Agbeko, a Ghanaian national now operating from Post Bank building in Nairobi and
a Mr. Philip Nyambok have turned out to be fraudsters who disinherited the
rightful owners of the property, French nationals Farouk Ravat and Justin
Samourgompoulle. Sources intimate that the two Frenchmen have since died in
mysterious circumstances even with the court dispute still raging.
Investigations by The Weekly Vision has revealed further
that the likelihood of the bank recovering the loan has grown remote as one of
the purported directors, Philip Nyambok is said to have resigned from the firm and sold
his shares to former Rangwe member of parliament, George Oner. The
two new Directors, Eric Agbeko and George Oner are said to be feuding over
control of the property a matter that has ended up in court.
As it stand the future for the
teachers Sacco is so bleak and it feared that SASRA is likely to put it under
management any time soon. Equally the teachers Bank is likely headed in the
same direction with the likelihood of central bank putting it under
receivership.
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