Taala Yamawogola Savings and Credit Cooperative Society Sacco, with offices in Mateete and Sembabule town councils respectively, went bankrupt and closed shop after managers allegedly stole members savings amounting to 860 million shillings.
The teachers SACCO wants the money given through Microfinance Support Centre to be transferred to them immediately. The Centre however says they need the approval of the Solicitor General and the Board of Directors.
The Ministry of Finance officials on Thursday failed to explain to the parliamentary Public Accounts Committee (PAC) how the 10 billion shillings meant for small income earners was disbursed. The money was supposed to be given to over 1.5 million vendors in 404 markets countrywide.