Parliamentary SACCO to write off UGX400m loan

The Parliamentary SACCO is set to write off a loan amounting to Sh421,373,441 which was acquired by three (03) deceased Members of Parliament (MPs); they include former Speaker Rt. Hon Jacob L’Okori Oulanyah who had acquired a loan of Sh294,918,413 at the time of his death.

The other two are; Hajat Rehema Watongola (Sh3,093,535) and Hon Patrick Okabe (Shs123,361,493).

“While reviewing the SACCO’s policy on administration of the loan protection fund, we noticed that it was in conflict with the Co-operatives statute which requires the loan of a deceased member to be written against the shares and credit balances that the members to the loans, therefore the SACCO will proceed to write off those loans,” explained Robert Ndugwa Migadde, the MP for Buvuma Island and Chairman Parliamentary Committee on National Economy.