CS kicks out Kuscco board after new audit reveals loss of billions

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The Ministry of Cooperatives has disbanded the board of the Kenya Union of Savings and Credit Cooperative Society (Kuscco), following an audit that the Ministry said found numerous incidences of mismanagement of resources and even cooking of financial records.

This comes just four months after the top management of the union was bundled out of office. George Ototo, Kuscco's long-serving chief executive, and George Magutu, the chairman of Kuscco's board left after an inspection by the Commissioner of Cooperative Development done in October last year revealed discrepancies in the management and operations of the giant union.