The books of accounts for the police Sacco, Exodus Savings and Credit Cooperative Society have gone missing.
This Sacco was started in 2007 with the aim to improve on the welfare of the police force through savings and credit cooperatives society.
However, during the annual General meeting held at the police headquarters at Naguru in Kampala, the Chairman of the board of the Police Sacco Henry Kalulu revealed that book of accounts for 2007 to 2012 are missing.
This revelation came after the Sacco auditors also revealed that the police Sacco is operating with no capacity to meet annual interest to the members of the Sacco.
Kalulu said; “We regret that the financial statements of the year 2007,2012 cannot be traced therefore no financial statements for that period.”
This revelation also stems from the complaints by the police officers about the mismanagement of the Sacco.
But Kalulu said the mismanagement was done by his predecessors.
“The failure to have these financial statements; that period we were not here. We came in 2015 and all we have done is to put everything in order from 2013 to 2018,” he said.
He also said that in the effort to increase the members savings, the Sacco was contracted by police force to supply food but it owes the force about Shs2billion which has greatly affected the Sacco finances.
The external auditor, Dickson Turyahabwe gave his expert opinion which show under performance of the Sacco with no capacity to pay annual interest to its members.
“The expenses, it reduced the profits by 79%, the Sacco has been calculating interest on savings. It is not paid in liability. The Sacco has not been able to tell it’s members of interest of the savings because of liquidity,” he said.
The state minister for trade industry and cooperatives Fred Gume warned the management of police Sacco against misusing of members savings.
“You can’t manage somebody’s asset, Sacco is an asset for members,” he said.
The delegates were expected to elect the new leaders to manage the Sacco.
