Investors who saved with troubled Ekeza Sacco led by David Kariuki Ngare alias Gakuyo can now heave a sigh of relief.
They are set to receive Ksh750 million refunds in cash and the form of land.
The government appointed CEO Jimmy Kagoni said that Ekeza would be left with a further Ksh250 debt to settle after the payment.
Kagoni was appointed following revelations that Ksh1.5 billion had been transferred unlawfully Gakuyo Real Estate accounts which the preacher turned politician managed.
“Part of my mandate was to help members recoup their funds, and we drafted a recovery strategy that was agreed upon by the concerned parties to help the Sacco do so and resume operations,” Kagoni stated.
Gakuyo, a bishop running Calvary Chosen Centre in Thika, was accused of embezzling Ksh1.5 billion from Ekeza Sacco.
Ekeza management and members reached an out-of-court settlement and the case was withdrawn on October 18, 2019.
In the payout, properties worth Ksh881 million will be handed over to the Sacco to compensate grieving members, according to Kagoni.
“What was supposed to be refunded back was Ksh1 billion, and it was agreed that properties worth Ksh881 million would be handed over to the Sacco to compensate grieving members and that is what we have been using to pay back our members,” he added.
In his quest to rebate members, Gakuyo has forfeited eight properties in different parts of the country.
He had purchased property in Subukia-Solai, Joska, Gwa Kungú, Kilimambogo, Mariakani, Konza Goshen, Konza Phase 6 and Nanyuki kwa Daiga.