{ Members of Mutangana cooperative have accused their leaders of misallocating their shares worth Rwf 40 million which they had collected when the cooperative fell in crisis in 2013 after the audit.
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Members say the cooperative leaders have failed to account for the money contributed over the years.
One of members said; “We used to contribute Rwf 2300 every week. Our contributions had reached millions of which the exact amount is not known.”
“They have told me that I will not get any cash from my contributed Rwf 120,000 except getting a soda,” said another member.
Kayitesi Antoinette, the former leader in charge of mobilization said that the money was swindled by former cooperative leaders while other cash was lost among members to whom loans were extended but failed to pay back.
“They gave out loans to members. We had collected Rwf 40 million. The cooperative leaders were careless because they released cooperative’s cash without following the due process, “she said.
The Rwanda Cooperative Agency (RCA) attributed the mismanagement of fund realized in the cooperative to malpractices of its members who wanted to establish financial institutions where they offered loans which is against the law guiding cooperatives.
RCA Director of the Supervision and Audit Unit, Christine Mukakiramba said “The audit conducted proved that six people were responsible for the disappearance of Rwf 1,738,650 disappearance. Of the Rwf 27, 570, 000 given out to members as loans, only Rwf 7,202,400 has been paid back.
She further said that RCA has decided to hand the case to Police Criminal Investigation Department to investigate the matter.
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