Safaricom Investment Cooperative on the spot for manipulating accounts, defrauding investors

If one tries to search and find any good news about Safaricom Investment Cooperative, they’ll find none.

Devoid of the PR that its parent company has been on, Safaricom Investment Cooperative has had its scandals in the full glare of the media. There’s never been a good day, not one for the investors.

Not much can be said of Safaricom Plc either, it is PR and a lot of bullying and hypnosis that keeps the parent company afloat.

 

According to CNYAKUNDI.COM is in the process of serializing corruption at the Safaricom Investment cooperative because we are the only voice that can write about the Safaricom ills.  The Kenyan media cant write anything about  Safaricom or anything linked to them because they are the biggest advertisers.

 

Information that we have has confirmed that  Safaricom cooperative has devised various methods to keep deceiving members that their investments are safe when the truth  is that like any other scam it has devised several ways of cooking the books of accounting to show they are making money

Some of these methods include;

Maintaining assets in their register at very inflated and exaggerated values to show that they have a big asset base. We are informed for example that they have specific lands in Kiserian and Mweiga in Nyeri at very inflated book values.

In fact, the land In Nyeri is termed as holiday homes and cottages in their books but what is on the ground is nothing but grassland with no roads or any structure even a site house or even murram road for that matter. This investment was bought for a whooping Kes 175 Million and it is only 24 acres of shrubs and bushes meaning they paid over 7 million an acre where one can easily get an acre at less than Kes 1.5 Million and this is over 5 years ago. Members have been approving the accounts blindly without even verifying these exaggerated assets.

Some investments are also fraud like the Tinga plots which were sold to over 1500 members yet Safaricom had no ownership of the land. We have established the land is owned by a very prominent University boss in the city and this is a story for another day. How over 1500 members were deceived and scammed shows how Kenyans are so poor in undertaking due diligence before Investing. Investors are yet to get refunded and many have been forced to take alternative land instead of refunding them cash and interest for their investment

Finally we know the cooperative has been selling a lot of “plots” to members in several areas in Kajiado county where the buyers will never get their titles because they are in areas where zoning rules do not allow subdivision of less than one acre

As members attend the AGM on 5th Feb 2022, they should demand to be shown where all their assets are located otherwise they should never say we never warned them as we did before with the other scams like Urithi Housing and the likes of Ekeza Sacco (run by David Gakuyo) and others scams like Banda Homes

source:cnyakundi

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