Retirees cry foul over failure by sacco to pay them their dues

Jiboreshe Accountant Daniel Maritim.

A county saving and credit co-operative society (sacco) is in a spot over failure to remit share refunds to retirees.

According to at least 27 retires of Jiboreshe Sacco (formerly Kermuco), they are owed Sh3,372,719.

The next of kin of the Sacco's two deceased members are also owed Sh255,799.

Joseah Ng'eno, a former driver with the county government, said he had spent the last five years demanding Sh107,630 from the Sacco, all in vain.

"The Jiboreshe management has even ignored my advocate Onesmus Langat's letter demanding for the pay," said Mr Ng'eno.

School fees

He said he urgently required the money to pay school fees for his last born, who is at the University of Nairobi.

Jiboreshe accountant Daniel Maritim, in response, said they used the Sh229,275 contributions from members to service a Sh2 million bank loan and pay salaries for employees.

"We used proceeds from the loan to pay share refunds. Priority is given to the next of kin of our deceased members," he said.

Mr Maritim said they had run out of funds due to the payment they made to the retirees' insurance companies.