Government Shuts Good Life Sacco Limited over poor management of the investors funds

By
Ndayala Enock
-
97
28

The government through Sacco Societies Regulation Authority (SASRA) has ordered the immediate closure of Good Life Sacco Limited over what it termed as poor management of  investors funds.

“I cancel the registration and order that it be liquidated. Any person, aggrieved may within thirty (30) days of publication in the Kenya Gazette appeal to the Cabinet Secretary against this order,” SASRA Commissioner for Cooperative Development Ms Mary Mungai said.

Ms Mungai’s orders came following a recent audit report conducted by the Co-operatives ministry which revealed that Good Life Sacco had breached all regulations on handling member funds amounting to Sh 1 billion in savings.

Mungai further ascertained that the society’s license had been revoked and invited members to file claims within the next 30 days with Johnson Njoroge and Gerald Mwai, who have been appointed as liquidators.

She however directed the duo liquidators to seize all assets belonging to Good Life Sacco including all financial records, a move geared at ending the Sacco’s operations within the next 12 months.

According to Obadiah Maina the founder of Good Life Sacco, the Sacco had earlier on experienced unusual withdrawals which greatly affected the Sacco’s cash flow.

In September, 2015 SASRA blacklisted Good Life Sacco Society but the entity defied order and continued with its operations.

This was after it was accused of taking deposits from the public yet they are not registered to do so.

Confirmed reports reveal that Mr. Maina rose from a Sh 12,000 IT tutor job to founding the multi-million shillings Sacco in November 2012 with the help of some of his close friends.

In six months, Good Life Sacco had registered 3,000 members and by 2015, it had 7,000 members and was planning to convert into a bank.

RELATED ARTICLESMORE FROM AUTHOR

97 COMMENTS

  1. My brother recommended I may like this blog. He was totally right.
    This put up actually made my day. You can not imagine just how much time I had spent
    for this information! Thank you!

  2. Simply desire to say your article is as astonishing. The clarity for your post is simply nice and i could think
    you are knowledgeable in this subject. Fine with your permission allow
    me to snatch your RSS feed to keep up to date with imminent post.
    Thank you a million and please continue the enjoyable work.

  3. My developer is trying to convince me to move to .net from PHP.

    I have always disliked the idea because of the expenses.
    But he’s tryiong none the less. I’ve been using WordPress on a variety of websites for about a year and am concerned about switching to another platform.

    I have heard very good things about blogengine.net. Is there a way I can import all my wordpress posts into it?
    Any help would be really appreciated!

  5. I’m gone to inform my little brother, that he should also go to see this weblog on regular basis to
    get updated from hottest reports.

  6. I do trust all of the ideas you’ve introduced to your post.
    They’re very convincing and can certainly work.
    Nonetheless, the posts are very quick for starters. May you please prolong them a little from next time?
    Thanks for the post.

  7. Thanks for finally talking about > Government Shuts Good Life Sacco Limited over poor management of the investors funds
    – The Daily Clock < Loved it!

  8. What’s Going down i am new to this, I stumbled upon this I’ve discovered It positively useful and it has aided me out loads.

    I’m hoping to give a contribution & help other users like its
    helped me. Good job.

  11. Hey I know this is off topic but I was wondering if you knew
    of any widgets I could add to my blog that automatically tweet my newest twitter
    updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have
    some experience with something like this. Please let me know
    if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.

    Also visit my web site :: Premium Hemp CBD Oil

  13. Hello! I know this is kind of off topic but I was wondering if you knew where I could get a captcha
    plugin for my comment form? I’m using the same blog platform as yours
    and I’m having problems finding one? Thanks a lot!

    Feel free to surf to my web site … Alpha IQ Mind

  20. An impressive share! I have just forwarded this onto a co-worker who had
    been doing a little homework on this. And he in fact bought me lunch
    because I discovered it for him… lol. So allow me to reword this….
    Thank YOU for the meal!! But yeah, thanks for spending time to talk about this
    issue here on your web page.

    Look into my web blog :: LiboMax Pills

  23. I like the helpful info you provide in your articles.
    I’ll bookmark your blog and check again here regularly.
    I’m quite sure I’ll learn many new stuff right here!

    Good luck for the next!

    Look at my site Seward

  31. This is the right site for anyone who wants to find out about
    this topic. You know a whole lot its almost hard to argue with you (not that I actually will need to…HaHa).
    You certainly put a new spin on a topic that has been written about for many years.
    Wonderful stuff, just wonderful!

    Feel free to visit my web page: Nu Vigor Testo Review

  32. It is perfect time to make a few plans for the long run and it is time to be happy.

    I’ve learn this publish and if I may just I
    want to suggest you few fascinating issues or advice.
    Perhaps you can write subsequent articles regarding this article.
    I want to read even more things approximately it!

    my web site … KetoYou Review

  33. I just wanted to develop a brief remark in order to thank you for all
    of the awesome information you are showing on this website.
    My considerable internet look up has at the end been compensated with reputable content
    to talk about with my family members. I ‘d
    mention that we readers actually are quite fortunate to live in a wonderful site with very many awesome professionals
    with useful secrets. I feel very much grateful to
    have used your web site and look forward to so many more excellent moments reading here.
    Thanks once more for a lot of things.

    my web page – Soliderix Review

  40. Good day! I could have sworn I’ve been to this blog before but after browsing through some of the
    post I realized it’s new to me. Anyways, I’m definitely happy I found it and I’ll be bookmarking and checking back frequently!

    Feel free to surf to my web-site :: Keto XR

  41. Usually I do not read article on blogs, however I would like to say
    that this write-up very pressured me to check out and do it!
    Your writing style has been amazed me. Thanks, quite nice post.

  43. I like the valuable information you supply for your
    articles. I’ll bookmark your weblog and test again right here regularly.
    I am quite sure I will be told plenty of new stuff right here!
    Best of luck for the following!

  44. You actually make it seem so easy with your presentation however I
    to find this matter to be actually one thing that I believe I might by
    no means understand. It seems too complicated
    and extremely wide for me. I’m having a look forward for your next post,
    I will try to get the hold of it!

  47. I believe that is one of the so much significant info for me.
    And i am satisfied reading your article. But should commentary on few basic issues, The site style is ideal, the articles is in reality nice :D.
    Just right process, cheers.

    Feel free to surf to my web page Ultra Keto X

  49. Right here is the perfect webpage for anyone who wants to find out about this topic.
    You know a whole lot its almost hard to argue with you (not that
    I actually will need to?HaHa). You certainly put a fresh spin on a topic that’s been written about for years.
    Great stuff, just wonderful!

    Feel free to surf to my homepage … Redwood Lodge CBD Review

  53. We would like to thank you just as before for the beautiful ideas you offered Jesse when preparing her own post-graduate research and, most importantly,
    pertaining to providing all of the ideas within a blog post.
    Provided we had been aware of your site a year ago, we will have been rescued
    from the needless measures we were selecting. Thanks to you.

    My web page :: DominX Male Enhancement Pills

  54. Hey! I know this is kinda off topic but I was wondering which blog platform are you using for this site?
    I’m getting fed up of WordPress because I’ve had problems
    with hackers and I’m looking at options for another platform.
    I would be awesome if you could point me in the direction of a good platform.

  55. I believe this is one of the such a lot vital information for me.
    And i am satisfied studying your article. But wanna
    commentary on some basic things, The web site taste is great, the
    articles is truly nice : D. Good job, cheers

  56. Thank you, I’ve recently been searching for info about this subject
    for a while and yours is the greatest I have found out so far.
    But, what concerning the bottom line? Are you certain concerning the source?

  63. Have you ever considered writing an e-book or guest authoring on other blogs?
    I have a blog based upon on the same subjects you
    discuss and would love to have you share some stories/information. I know my visitors would enjoy your
    work. If you are even remotely interested, feel free to send me an e-mail.

  64. Can I simply say what a comfort to discover someone who actually understands what they’re discussing
    on the web. You actually understand how to bring an issue to
    light and make it important. A lot more people have to read this and
    understand this side of the story. It’s surprising you are not more popular since you definitely possess the gift.

  65. Hi! I just wanted to ask if you ever have any issues
    with hackers? My last blog (wordpress) was hacked and
    I ended up losing many months of hard work due to no
    back up. Do you have any methods to prevent hackers?

  68. Wow that was unusual. I just wrote an incredibly long comment
    but after I clicked submit my comment didn’t appear.
    Grrrr… well I’m not writing all that over
    again. Anyway, just wanted to say superb blog!

  73. Having read this I believed it was extremely enlightening.
    I appreciate you spending some time and energy to put this content together.
    I once again find myself personally spending a lot of time both
    reading and commenting. But so what, it was still worth it!

  74. Excellent website you have here but I was wanting to know if you knew of any message boards that cover the same topics discussed here?
    I’d really like to be a part of group where I can get
    suggestions from other experienced individuals that share the same interest.
    If you have any suggestions, please let me know. Cheers!

  75. Aw, this was an extremely good post. Taking the time and actual effort to make a great article…

    but what can I say… I procrastinate a lot and don’t manage to get anything done.

  76. Aw, this was an exceptionally good post. Taking a few minutes and actual effort to make a really good article…
    but what can I say… I put things off a whole lot and don’t
    seem to get nearly anything done.

  77. Hi my loved one! I want to say that this article is awesome, nice written and come with almost all important infos.
    I’d like to see extra posts like this .

  78. Heya this is kinda of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML.
    I’m starting a blog soon but have no coding know-how so I
    wanted to get advice from someone with experience.
    Any help would be enormously appreciated!

  82. I’m really enjoying the design and layout of your blog.
    It’s a very easy on the eyes which makes it much more pleasant for me
    to come here and visit more often. Did you hire out a developer to create your
    theme? Superb work!

  83. These are truly fantastic ideas in on the topic of blogging.
    You have touched some fastidious points here. Any way keep up
    wrinting. asmr 0mniartist

  86. Woah! I’m really loving the template/theme of this site.
    It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance”
    between usability and visual appeal. I must say that you’ve done a
    superb job with this. Also, the blog loads extremely fast for me on Safari.
    Exceptional Blog!

  87. Hello are using WordPress for your blog platform?
    I’m new to the blog world but I’m trying to get started and create my own. Do you need any
    coding expertise to make your own blog? Any help would be greatly appreciated!

  88. I love your blog.. very nice colors & theme. Did you make this website yourself or did you hire someone to do it for you?
    Plz answer back as I’m looking to design my own blog and
    would like to find out where u got this from.

    cheers

  89. I got this site from my buddy who shared with me regarding this web page and
    at the moment this time I am visiting this website
    and reading very informative posts at this place.

  92. Aw, this was an exceptionally nice post. Spending some time and actual effort to
    make a really good article… but what can I say… I procrastinate a lot and never manage to get nearly anything done.

  93. Do you have a spam issue on this site; I also am a blogger, and I was wondering your situation; many of us
    have created some nice practices and we are looking to trade solutions with others, be sure to
    shoot me an e-mail if interested.

  96. scoliosis
    A fascinating discussion is definitely worth comment.
    I do think that you should publish more about this issue, it may not be a taboo matter but generally people do not speak about these subjects.
    To the next! Kind regards!! scoliosis

  97. Woah! I’m really digging the template/theme of this site.
    It’s simple, yet effective. A lot of times it’s hard to
    get that “perfect balance” between usability and appearance.
    I must say that you’ve done a awesome job with this.
    Also, the blog loads extremely fast for me on Firefox. Excellent Blog!