The\nbooks of accounts for the police Sacco, Exodus Savings and Credit Cooperative\nSociety have gone missing. <\/p>\n\n\n\n
This\nSacco was started in 2007 with the aim to improve on the welfare of the police\nforce through savings and credit cooperatives society.<\/p>\n\n\n\n
However,\nduring the annual General meeting held at the police headquarters at Naguru in\nKampala, the Chairman of the board of the Police Sacco Henry Kalulu revealed\nthat book of accounts for 2007 to 2012 are missing.<\/p>\n\n\n\n
This revelation came after the Sacco auditors\nalso revealed that the police Sacco is operating with no capacity to meet\nannual interest to the members of the Sacco.<\/p>\n\n\n\n
Kalulu\nsaid; “We regret that the financial statements of the year 2007,2012 cannot\nbe traced therefore no financial statements for that period.”<\/p>\n\n\n\n
This\nrevelation also stems from the complaints by the police officers about the\nmismanagement of the Sacco.<\/p>\n\n\n\n
But\nKalulu said the mismanagement was done by his predecessors.<\/p>\n\n\n\n
“The\nfailure to have these financial statements; that period we were not here. We\ncame in 2015 and all we have done is to put everything in order from 2013 to\n2018,” he said.<\/p>\n\n\n\n
He\nalso said that in the effort to increase the members savings, the Sacco was\ncontracted by police force to supply food but it owes the force about Shs2billion\nwhich has greatly affected the Sacco finances.<\/p>\n\n\n\n
The\nexternal auditor, Dickson Turyahabwe gave his expert opinion which show under\nperformance of the Sacco with no capacity to pay annual interest to its\nmembers.<\/p>\n\n\n\n
“The\nexpenses, it reduced the profits by 79%, the Sacco has been calculating\ninterest on savings. It is not paid in liability. The Sacco has not been able\nto tell it’s members of interest of the savings because of liquidity,” he\nsaid.<\/p>\n\n\n\n
The\nstate minister for trade industry and cooperatives Fred Gume warned the\nmanagement of police Sacco against misusing of members savings.<\/p>\n\n\n\n
“You\ncan’t manage somebody’s asset, Sacco is an asset for members,\u201d he said.<\/p>\n\n\n\n
The\ndelegates were expected to elect the new leaders to manage the Sacco.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":2270,"featured_media":12770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"footnotes":""},"categories":[101],"tags":[],"class_list":["post-12769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n