Five KUSCCO officials charged with theft of Sh83 million released on bail
The five officials were arrested last Thursday in connection with a major financial scandal at KUSCCO, a key institution for savings and credit cooperatives in the country.
Five officials of the Kenya Union of Saving and Credit Cooperatives (KUSCCO) who are facing charges of stealing Sh83 million have been granted a cumulative cash bail of Sh14.5 million. The accused are George Magutu Mwangi, George Otieno, George Owino, Jackline Atieno, and Mercy Muthoni.
Milimani Magistrate Dolphina Alego on Tuesday gave the bail conditions for each of them during their court appearance.
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Magutu was ordered to deposit a bond of Sh10 million, with two sureties, or a cash bail of Sh3 million alongside three contact persons.
Similarly, Otieno's bond was set at Sh10 million, with two sureties of equal value or a cash bail of Sh3 million with three contact persons.
For Owino, the court set a bond of Sh7 million with two sureties of a similar amount or a cash bail of Sh3 million, also with three contact persons.
Atieno was granted a bond of Sh10 million or a cash bail of Sh3 million, both requiring three contact persons. Muthoni was slapped with a bond of Sh7 million or a bail of Sh2.5 million, with three contact persons as well.
The five officials were arrested last Thursday in connection with a major financial scandal at KUSCCO, a key institution for savings and credit cooperatives in the country.
On February 11, Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya handed over a forensic audit report to the police to aid in further investigations and legal actions.
The audit, carried out by PricewaterhouseCoopers (PwC), revealed a series of mismanagement issues within KUSCCO.
Among the key findings were Sh3.7 billion in non-performing loans, inflated profits of Sh797.9 million over six years, and irregular commission payments totalling Sh2.7 billion.
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