KITAGATA SACCO MANAGEMENT ON SPOT OVER FRAUD, FINANCIAL MISMANAGEMENT

By Aggrey Twesigye

www.mknewslink.com

In Sheema—

Kitagata SACCO management is on spot over fraud and financial mismanagement.

In a letter dated on 28th. Apirl.2021 from the Executive Director Uganda Micro Finance Regulatory Authority, the authority revealed that they have received complaints from the members of the SACCO over fraud, financial mismanagement and poor governance by the management.

The one page letter signed by the Executive director Edith Tusuubira, further shows that the SACCO has been carrying out the business of financial services without a licence which contravenes the money lenders act, 2106.

The Authority directed that the management should cease and desist from operating without a licence then provides a detailed response to the above allegations within 14 days.

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