How Kencom Sacco faked a SWIFT receipt to persuade reluctant board members to sanction a fraudulent deal

Members of Kencom Sacco may not even have a society to talk of soon unless illegal transactions like this one are stopped from ever taking place by a concerned government agency

Documents in our possession indicate that there was a SWIFT transfer dated February 16, 2021, allegedly from Kinpro Holdings reference number 103001162860068 of Euros. 22, 500, 000.00 million as the first deposit of the Euro 90 million to Kencom Sacco’s 0112058007200 Cooperative bank account, Hilton hotel branch

By The Weekly Vision Investigative Desk

The first tranche of the Euros. 90, 000, 000.00 million would have been Euro. 22,500, 000.00 million, the second, Euro. 25, 000, 000.00 million and lastly Euros. 42, 500, 000.00 million to be transferred un-conditionally within 74 hours after the signing of the fateful agreement on February 1st, 2021.

However, the documents indicate that there was a SWIFT transfer dated February 16, 2021, allegedly from Kinpro Holdings reference number 103001162860068 of Euros. 22, 500, 000.00 million as the first deposit of the Euro 90 million to Kencom Sacco’s 0112058007200 Cooperative bank account, Hilton hotel branch.

The deal was signed by Sacco CEO Atema and a representative from Kinpro Holdings as shown here

Erupting queries that the Sacco CEO Atema, Saparii and Ngoje have refused to answer are whether Kenco Sacco got the money? Whether they were able to access and withdraw it for a housing project as indicated on the agreement documents and if not why? What level were the Sacco’s CMC or board involved and members to authorize the questionable deal in the whole business? Above all was it a genuine Business transaction and why did the CEO and also the chairman not seek affordable loans from local financial institutions?

Also read

How Kencom Sacco’s multi-billion shillings scandal unfolded https://theweeklyvision.net/2021/08/19/how-kencom-saccos-multi-billion-shillings-scandal-unfolded/

Kencom Sacco receives a billion shilling Demand Note from KCB https://theweeklyvision.net/2021/08/20/kencom-sacco-receives-a-billion-shilling-demand-note-from-kcb/

The Weekly Vision has established that the transfer never happened and that a fake SWIFT was generated by the Sacco management for some unknown reasons, a source hinted to us that it was meant to convince someone on the board who by then was still reluctant in sanctioning the deal.

The other burning matters are reports that Kencom is facing dire financial constraints though it belongs to more than 3000 members who are mostly Kenya Commercial Bank’s (KCB Kenya employees as well as their colleagues from the National Bank of Kenya (NBK).

The other is the fact that CEO Atema, in this whole business chose to use a personal email address [email protected] instead of the official [email protected], a clear indication that the whole transaction was fishy from the start and she never wished junior staff to get to know about it. Regrettably, the Sacco under her authority lost out big. The Sacco lost money and it is not clear at the moment what she has done so far to recover it. 

The other critical question is whether she or the board had even bothered reporting this scam to the Directorate of Criminal Investigations (DCI), the Ethics and Anti-Corruption Authority (EACC) or the general police service to deal with the matter? We now know that the DCI has taken up the matter.

All these details are emerging when the CEO is trying desperately to keep all these messy multi-million shillings businesses undercover by shrouding it up in secrecy, subterfuge and arrogant manipulations on the entire scam. Details are now emerging that she and some board members were summoned to the DCI’s Kiambu road headquarters for questioning soon after The Weekly Vision online exposed the sum.

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