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'Nation' sacco obtains arrest warrants on loan defaulters

'Nation' sacco obtains arrest warrants on loan defaulters

Business Daily Posted  Wednesday, July 18   2012 at  16:38

Nation Sacco has obtained arrest warrants against four people who defaulted on repaying loans borrowed from  the society. 

Jacob Kimathi, the chief executive officer of Nation Sacco said the Cooperative Tribunal had issued warrants of arrest for defiance of its orders.

“We have four warrants of arrest against members who have defaulted on their loans and refused to pay. One was unsuccessfully executed and the other three are also for people in the media. We are still trying to execute them,” said Mr Kimathi.

The four individuals owe the sacco Sh4 million.

The individuals are wanted for failure to service loans the borrowed from the Sacco. They had been asked to appear in court on the same matter earlier in the year but disobeyed the order.

Mr Kimathi said the Sacco has been having challenges with defaults and borrowers refusing to pay.

“We are also in contact with the credit reference bureaus,” said Mr Kimathi.

 

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