Government bails out Bomet Sacco
5 days ago, 00:32
Some 1500 small scale tea farmers have received over Sh100 million from Sot Tea Growers Sacco after three years in the cold. The Sacco leadership announced the payout following the release of a Sh300 million bailout by the national government. Speaking during a thanksgiving ceremony at the Sacco offices at Silibwet in Bomet, CEO Geoffrey Sang said the bailout had enabled them pay salary arrears for their 100 staff who had gone months without pay. The Sacco has also cleared a bank loan that threw them into eight years of crisis. The petrol station owned by the Sacco had also resumed operations and is expected to post good results. Joseph Mabwai, the Society’s chairman on his part announced that leadership wrangles that had dogged the Sacco has been resolved and court cases withdrawn. “The leadership rows have been resolved and we are now focused on rebuilding the Sacco and returning it to profit making venture for the benefit of our members,” said Mabwai. Members are expected to receive dividends for their shares at the end of the year.
Category: business news