Tanzania: Fury As 7bn / – Money Saccos is Missing

By Abela Msikula

Members of the Kutyaba credit and savings cooperative called on the government to intervene in a crisis involving the embezzlement of $ 7 billion of company funds by their leaders.

They urged the relevant state authorities to take immediate legal action against all fraudsters to give hope to those members who were about to leave their posts. According to the chairman of the cooperative's board of directors, Mr. Ally Mziwanda, the suspects, including the former chief executive (GM), admitted to having been involved in 600 million fraud / fraud, but none legal action has still been taken against them, although they have been reported to the judicial authorities.

This is at the annual meeting of the cooperative in Dar es Salaam on the weekend that the president clarified that the embezzlement of 600 m / – revealed by the Registrar's auditor at the beginning of the # 39; year. However, the internal audit showed that the loss was $ 2 billion.

The suspects had confessed to misappropriating the promised money. They never offered the money, rather they gave properties whose value does not match their debts.

"For example, the former director general admitted to having taken 477 m / – about 600 m / – – and given a house that is in the Kiwalani area in Dar es Salaam and 16 plots in Morogoro as compensation but all properties have no value.

Even worse, the house in question does not belong to him, "he said, adding that the same applies to the six other leaders who acknowledged their involvement in the loss but never offered the money. The wife of the suspect who also served the general manager admitted to having cheated 80 million euros / – and promised to pay him.

She does not have any. The two men were also (Mr. and Mrs.) alleged to have been involved in a well-known scandal of cooperative branches in Morogoro, Korogwe (Tanga) and Mafia (coastal region) on the pretext of misleading the members.

Responding to the request, Deputy Clerk for Cooperatives Shaban Limu urged the members to be patient because his office had brought the case to the relevant authorities, including the Office of Prevention and Prevention. the fight against corruption (PCCB).

He confirmed that he saw a loss of 600 million euros in first – hand, but his office proceeded to a new series of audits after other members came forward, especially in the regions. distant, complaining of not having seen their money.

"We invite members to trust us and continue to contribute because we have already changed direction and put in place an interim board of directors.

However, we observed that the lack of advice on financial management, purchasing, preservation of property, employment and good relationships were the reasons for the fraud, "he said.