A 62 year old man has moved to the Co-operatives Tribunal in Nairobi to compel Urithi Housing Co-operative Society Limited to refund him shs 2 million he deposited with the society.
George Kimani Mungai told Hot News that he deposited the money in the society’s bank account on November 8, 2016.
He said he had agreed with the Society that he will in return get Ksh 102,000 as quarterly bonus.
However, Kimani complained of delays in getting his bonuses.
According to documents seen by Hot News, Kimani invested in four Dhahabu Invest shares valued at Ksh 500, 000 each for five years.
However, the delays forced him to withdraw his membership as per the society’s regulations.
He said the regulations require one to give a 60 day notice which he did adding that on 8th November 2018, after missing his bonus, he wrote to Urithi Housing cooperative society withdrawing his membership.
Kimani said he has not received his bonuses for the last two quarters since November 8th 2018.
Through his lawyer Jacob Kiragu of Waweru Kiragu and Associates, he wrote to Urithi on February 18 2019 demanding for a refund of the principal investment.
He said the society upon receiving his withdrawal letter, notified him that it was processing the refund which has not been effected to date.
However, the lawyer complained of lack of commitment from the Sacco Management.
Kimani said lack of any communication from Urithi forced him to file a case with the Cooperatives tribunal.
His case is registered as tribunal case number 168 of 2019.
The tribunal has asked all the parties to send their representatives on 30th April so that a hearing date is fixed.
When sought for comment, Urithi Housing Cooperative Chairman Samuel Maina did not respond.
Maina neither picked calls nor responded to text messages sent to his phone.
Kimani is a former civil servant who worked as an accountant until his retirement in 2017.
“This was my life savings. I opted to invest with Urithi Co-operative before I decide the best business to venture into.” he told Hot News.
Kimani, a father of three said he is struggling with his wife’s ill health.
“It is not easy. The co-operative has left me desperate. I need to take my dear wife for treatment. It’s painful when she suffers yet I cannot access the money “He said.
Recently Co-operative Societies have been in the limelight following mismanagement of member’s funds.
Bishop David Kariuki Ngare alias Gakuyo led Ekeza Sacco collapsed with thousands of members losing money in suspected embezzlement of funds.
This has forced the government to intervene.