New KUSCCO liquidator appointed despite court stay
The appointment replaces three officials from the State Department for Co-operatives who had earlier been appointed to oversee the liquidation. They are Deputy Commissioner for Co-operative Development Peter Wanjohi Kiama, Principal Co-operative Officer Habil Olembo Jesse and Deputy Chief State Counsel Mariam Adam Abubakar.
The Commissioner for Co-operative Development in Kenya has appointed Waithaka Ngaruiya of Waithaka and Associates as the new liquidator for the Kenya Union of Savings and Credit Co-operatives (KUSCCO) Limited, despite a court order that temporarily suspended the liquidation process. This decision was made public in a special Gazette notice dated September 23, with Ngaruiya being granted a one-year tenure to take custody of KUSCCO’s property, books, and documents necessary for the liquidation process.
The appointment supersedes three officials previously appointed by the State Department for Co-operatives, namely Deputy Commissioner Peter Wanjohi Kiama, Principal Co-operative Officer Habil Olembo Jesse, and Deputy Chief State Counsel Mariam Adam Abubakar. KUSCCO shareholders had voted to dissolve the union on August 28, following an audit that revealed liabilities of approximately Sh17 billion against assets of about Sh5.4 billion.
On August 31, Commissioner Obonyo had cancelled KUSCCO’s registration and initiated the liquidation process. However, the High Court intervened on September 8, issuing temporary orders to halt the actions of the three State-appointed liquidators, citing conflicts with existing court orders that sought to protect KUSCCO’s assets.
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