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| Urithi Society chairman Mr. Samuel Mwaniki |
An auctioneers firm "Antique Auctions" is set to auction off a property owned by a co-operative society in Muranga County, the property sits on L.R 11486 (I.R 20122) owned by members of Urithi Housing
Co-operative Society over an outstanding loan of Ksh. 600m acquired from Family
bank of Kenya.
The loan has not been serviced for years and the bank is said to
have taken the initiative of auctioning off a property whose papers were
deposited with the bank as collateral, to safeguard the banks interests.
The current
management of Urithi Housing Co-oparative Society seems to be an able to pay off
the loan and the auctioneer has given the management of the society a 45 days’
notice to pay up or else face the auctioneers hammer.
Documents in
our possession indicate that the current management of the society single
handedly committed the society in purchasing the said property in Muranga County
without the approval of majority of the members. They went ahead and approached
Family Bank for the Ksh. 600m financing knowing well that the Sacco was in the
read financially.
Senior managers
who include Chairman Mr. Samuel Mwaniki, treasure Daniel Kamau, and CEO Daniel Gachanja
are said to have approached Family bank for the controversial loan that could
now land them in court for misuse of member’s finances. The society is said to
be facing similar problems with their Nakuru and Thika properties.
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