MABARARA CITY: SACCO meeting adjourned over failure to raise quorum
This is the second time the meeting has been adjourned.
MBARARA CITY, August 5, 2024 – A special general meeting for the Mbarara Central Market Vendors’ SACCO that had been scheduled to take place last Friday flopped following a low turnout of the members.
Simpson Mugabi, the SACCO Chairman Current Chairman said the meeting is now planned for this Wednesday where members will receive a special audit report on the SACCO’s missing funds as earlier directed by the city town clerk, Assy Abirebe Tumwesigire.
Mugabi said the failure by most of the members to attend the initial meeting resulted in the wastage of the already scarce resources [time, and money]. “I invested in my time to mobilise the vendors and we also spent almost Shs 300,000 to hire tents, chairs, and a public address system but, unfortunately, most members of the SACCO didn’t turn up,” he said.
According to Mugabi, this is the second time the meeting has been adjourned. He urged SACO members to turn up in big numbers on Wednesday to get official updates on what is happening in the SACCO.
Mugabi also encouraged SACCO members who have defaulted to pay back, saying over Shs 29 million remains out there, yet the SACCO needs operational funds for it to move forward.
“There are some members who have defaulted on paying back the loans. There are more than 100 members and if they pay their principal amounts minus the penalties and interest, we can realise about Shs 29mln,” he said.
On his part, Polly Katwire, Assistant Resident City Commissioner [ARCC] Mbarara, urged the defaulters to pay back the money, saying some of it was received under Emyooga Programme.
We know that government gave your market SACCO Shs 62mln and there are some of your colleagues who stole that money. And if you know that you took the government money better pay back before things turn against you,” noted Katwire.
He said the government is willing to give the SACCO more money if is doing well. “If the government finds that your SACCO is not performing well, they will not add you more money,” added Katwire.
Current Status of the SACCO
Mugabe confirmed that Mbarara Central Market SACCO is dormant with no single manager to run its affairs.
“Currently we do not have any management staff and when you lack staff, it means you are doing nothing, and have closed,” he said, urging SACCO members not to kill their SACCO.
Background
Mbarara Central Market SACCO was registered in 2011, and, by October 23, 2014 it had a capital asset of Shs 23mln, loan portfolio of Shs 144mln, and 500 members.
The SACCO last held its annual general meeting on October 23, 2014.
In 2019, the SACCO was given Shs 30mln Emyooga funds, Shs 62mln presidential startup capital, and area Members of Parliament contributed Shs 20mln, but this money is not accounted for.
Currently, some members claim the SACCO has total savings of about Shs 400mln which they say could have been mismanaged.
https://thecooperator.news/mbarara-city-to-hold-pdm-expo-this-august/
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
Views: 16
