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I will refer you to an article on the June 10, 2019 edition of Daily Nation titled “Urithi’s bubble burst puts its land on sale.”
The Urithi case echoes that of many other developers who have been left with properties they cannot sell, and loans they cannot service.
After that article was published, Mr Samuel Maina appeared on the media with a claim that it was not true that the company was in financial problems. What i know, as a member and from previous employees, is that the company is on the verge of collapse. They have not been able to pay some employees for several months, and that is due to embezzlement of the Sacco's finance , by many CEOs and the chairman.
I have been trying since last year to get my shares refunded, after they promised to give tittle to land they "were" buying in Malindi, where I bought 10 acres, "i have receipts to prove that. They never gave me any tittle, and it takes a maximum one month to get a tittle in Kenya , from my experience buying land from private parties. I have not received my refunds yet, but was promised another piece of property instead, which they have not shown me a tittle since October, 2018.
The Sacco is targeting to get as much money from Kenyans in Diaspora and I would warn anyone who is buying or knows anyone buying not to invest a dollar with Urithi Sacco, until we get a confirmation from the Embassy or from the Office of the President.
I love Kenya, I would like to invest more in Kenya but as a hard working person and every Kenyan in diaspora who works so hard sometimes under very rough and sacrificing and painful circumstances (some do not even have papers, but try to safe every dollar to have a better retirement) , I kindly request the President to intervene on our behalf and not allow companies like Urithi and greedy CEO's and so called "chairmen" to rob wananchi.
"Haki iwe ngao na mlinzi."
By Ben Leakey | add2matt@yahoo.com
Comments
OMG,when will this heartbreaking stories of corrupt saccos end! Am also a victim of Urithi investment!I invested some cash with them hoping to get good returns but 2 years on, they haven't paid a single cent! Worse still, when I went to their head office to withdraw, they wouldn't even give me a withdrawal form or let me write one! Our government has failed us miserably!!
Huku kunaitwa Kenya.stone cold embezzlers with no heart no conscience. Pray for Kenya.
Just like the bible says the Devil appears like an angel of light, so too are Urithi housing agents! They'll even quote verses in the bible when you're dealing with them but in reality they're wild dogs in sheep cloths! Thieves of highest order!!!
Nilisema. Nalisema. Nikanena. Nikaonya. Nikapuliza tarubeta. Nilioyapata ni shutuma, kujifanya mjuaji, ubelembele. Domo kaya...na la mwisho, kukemewa kwa dhati na Gakuyo, Optiven, Urithi eti kwamba nawaharibia kazi. Wakenya ni wanadamu wa sampuri ya aina kipekee hasa ijapo ni ujuaji. Chukua Gakuyo Real Estate kwa mfano. Baada ya Askofu Ngare kufanya utafiti wa vilio vya Wakenya waishio ughaibuni, alijitokeza kwa kuvalia ngozi ya Ukristo kuwapumbaza wasikilizaji wa Jambo Radio Network. Yaliofuata ni Ngare kutumia kiasi kukubwa cha pesa kununua masaa baada ya masaa katika stesheni hio ya redio. Ungemsikiza akiongea kwa saut nyororo, tamu na iliojawa na uokovu usioyumba yumba. Nakumbuka vizuri Mkenya mmoja aliyeitwa Boiyo ambaye alimuuliza maswali makali ambayo haikufurahisha kamwe. Baadaye nikazusha takshwishwi kuhusu kampuni hii nyingine ya Optiven ambayo hufuata nyendo hizo hizo za Ngare, ingawa hawakutumia mbinu za Ukristo ambazo Ngare alitumia kuwahadaa Wakenya. Katika orodha hii pia nikakemea hii nyingine ya Uridhi na Stima Sacco. Ukweli ni kwamba, ukimuona yeyote ambaye anapasa sauti na kuongea sana, kutumia kiasi kikubwa cha pesa katika kuitangaza kampuni yake na bidhaa wanazouza, FIKIRIA TENA! Wakora hawa wanakijua kitu kimoja: kwamba ununuapo chochote kutoka kwao, kitambo bidhaa zao ziuzwe zote, inachukua zaidi ya miezi tisa na zaidi. Na kumbuka haiwezekani kupata cheti cha kumiliki ploti, shamba au nyumba yako eti kwa sababu umekamilisha kulipa. Inawagharimu pesa nyingi kutoa cheti kimoja kimoja, hivyo wanangoja zote ziuzwe ili kupunguza gharama hio. Sijui ni njia ipi bora ya kujinunulia ploti, shamba au nyumba, lakini kwa vyovyote vile, chukua tahadhari. Wakenya hawana huruma na jasho na dabodabo unazozichapa leo, kesho, mtondo, au mtondogoo. Ni wezi, tamaa, uporaji, ni wizi, uchoraji, na udaku ambao ngarawa hii haiwezi kusimamishwa na yoyote.
Lakini even us diaspora guys...who said you must invest with SACCOs? There are so many investment vehicles you can use. And looking at the way Kenya is right now, you are better off holding on to your money wherever you are until the political climate changes.
Thank you for highlighting this. I have the same problem with STIMA INVESTIMENT SACCO. I Invested heavily ( Fixed Deposit)2 years ago. Was supposed to get a full refund upon maturity in May of last year but they are still holding my money. I have made several calls, Sent emails but they don't even respond. Please don't waste your hard earned money investing with them.
How sad.