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Embattled preacher refunds money after public outcry

By Fredrick Obura | January 14th 2020
David Kariuki Ngare (Blue jacket) [Photo: Courtesy]

Members of the Gakuyo Real Estate and Ekeza Sacco have started receiving back their money following public outcry witnessed in the better part of 2019.

In a newspaper notice appearing on Tuesday, Gakuyo Real Estate Limited listed members who have received payments and promised to publish more names in the coming days.

The Gakuyo Real Estate Limited and Ekeza Sacco are associated with preacher turned politician David Kariuki Ngare popularly known as Gakuyo.

Gakuyo is currently battling allegations of bungling over Sh2.5 billion members’ savings at Ekeza Sacco besides duping clients via property investments using his real estate company.

Gakuyo’s Ekeza Sacco was taken over by the government to protect over 50,000 thousands of investors savings. This was after an audit revealed that the founder siphoned Sh1.5 billion from the Sacco.

In May last year, Gakuyo said he had come up with a five-phase-plan on how he will refund the members Sh2.4 billion that were audited as having been misappropriated by the senior management team, under his chairmanship.

He had planned to pay 1,500 members in the first phase, who had saved Sh5,000 downwards within a week, the second phase was for those owed up to Sh20,000 to Sh50,000, then those with up to Sh200,000.

Ngare had anticipated the drive to take a maximum of two years given the nature of liquidation strategy he is implementing.

He had also planned to get the money through pursuing creditors and selling his assets, which was later put on hold through a court order in February last year.

This was after an application by the Commissioner of Cooperatives who told the court that disposal of the property would jeopardise an ongoing inquiry into the Sacco, which has deposited over Sh2.56 billion.

When reached over the refund he said: "They should be patient, we are trying all means to refund them including selling the little assets we had. I have already refunded a few and I will send you a list to prove this," said Gakuyo.

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