Fund embezzlement led COCTAMOKA cooperative members to suffer loss.

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Workers of Rwanda Cooperative Agency read out reports on financial management to the General Assembly of COCTAMOKA (Cooperative for motorcyclists) members operating in Kamonyi District and found out that the loss was caused by some of the cooperative leaders who embezzled the money.

Cooperative president and the treasurer received the money as the reports show when the rules of the cooperative say they should not receive money. This was the mistake done by Tuyisenge Cyprien, COCTAMOKA president according to the reports.

It is further said in a report that Tuyisenge changed some bank accounts in different banks and withdrawing cooperative money from the accounts. An example given is an account opened in Ecobank without the knowledge of the members and whenever asked the amount of money on the account, Tuyisenge doesn’t disclose any information.

Mr. Tuyisenge admits the mistakes but says that cooperative had made losses caused by previous leaders. He accepted to have deposited back 1.200.000 million Frw he had withdrawn from SACCO account to Ecobank and another 700.000Frw members had given him to get them motor cycle loans. When Cyprien requested to be given time to look for this money, members shouted loudly asking him why he needs time if the money is on Ecobank account.

Kamugisha Patrick, Rwanda Cooperative Agency lawyer calmed down the members and agreed to sign that Patrick will have finished paying back this money before 15th January 2012.

Among the embezzlers is Mukanoheri Marie Claudine, cooperative treasurer whom the reports show that she used false papers (receipts) that do not belong to the cooperative. She was therefore cautioned in absence.

Other people cited to have embezzled funds are Ntivuguruzwa Celestin- former cooperative President and Ntaganda Fulgence -former treasurer where former president failed to present reports on some money spent when asked by Rwanda Cooperative Agency lawyer and former treasurer complained of having a mental problem thus full evidence that they ate the money.

Finally the report showed more 8 people who were in charge of collecting membership fees in various centers and never brought the money to the cooperative treasury. Apart from the president who admitted his mistakes and requested for time to pay back, all leaders in question were told to solve the problem before 27th December 2011.

Cooperative members appreciated the follow up and thanked the government for having put this Rwanda Cooperative Agency as Niyonagira Emmanuel says “ever since this cooperative started, we have never reached at another level, it’s good that the country thought about us”.


 

 

 

 

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About the author

Based in New York, Patrick is a Wall Street Broker and Financial Pundit. He works as a Foreign Consultant for Rwanda Eye. His insights on the current economic trends and its impact on Rwanda and Africa, makes him an invaluable asset to Rwanda Eye.

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