NAIROBI, Kenya, Mar 9 – The Commissioner for Co-operative Development has reversed the cancellation of the licence of the Moi University Savings and Credit Co-operative Society (MUSCO) that had been effected on June 30, 2018.
In a Gazette Notice, Commissioner for Co-operative Development David K. Obonyo revoked the cancellation under Section 62(1) of the Co-operative Societies Act.
“IN EXERCISE of the powers conferred to the Commissioner for Co-operative Development under Section 62(1) of the Co-operative Societies Act, the Commissioner for Co-operative Development, vide a cancellation of registration order dated June 30, 2018, cancelled the registration of Moi University Savings and Credit Co-operative Society,” the notice read.
“The Commissioner for Co-operative Development further revokes the said cancellation of registration order and reinstates Moi University Savings and Credit Co-operative Society (CS No. 4319) to full registration.”
MUSCO’s licence had been revoked in 2018 after its debts ballooned to more than Sh1 billion, a situation blamed on mismanagement and non-performing loans.
The Sacco, formed in 1988 by staff of Moi University, has faced opposition to its collapse from more than 3,000 members and political leaders, although the government had previously ruled out reversing the decision.
The reinstatement comes after the Sacco was placed under liquidation mid last year, with two officials appointed to oversee the process.
Kennedy A. Emali, the Nairobi Principal Co-operative Auditor, and Druscillah Jebet Cherogony, the Uasin Gishu Principal Co-operative Officer, were appointed joint liquidators tasked with managing assets, raising funds and settling debts.
